Did HSBC launder money and handle counterfeit U.S. currency
A Macao-based bank accused by the United States of distributing counterfeit money said it used HSBC Holdings plc services to screen U.S. currency.
Banco Delta Asia is accused by U.S. investigators of helping Pyongyang — North Korea’s capital — distribute counterfeit money.
However, the Macao bank said it is too small to have the technology necessary to check large batches of U.S. currency for fake bills. In these cases, the bank sent the U.S. currency to London-based HSBC’s New York office for analysis before the money was credited to the depositor’s account.
Although HSBC spokeswoman declined to comment on the specifics of the case, she said, HSBC takes “money laundering control very seriously.” Many large banks like HSBC help smaller institutions with bank note trading services, including transporting currency, counterfeit screening, and exchanging damaged bills.
In 2005, the U.S. Treasury Department accused the Macao bank of willingly helping North Korea launder money and handle counterfeit U.S. currency. The bank was put on a money-laundering blacklist.
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