HSBC Watch News Release Forum Index
Forum Name: - Social Responsibility
Topic Title: HSBC-USA Money Laundering
Sat Sep 11, 2004 10:23 am
05 September 2004
Banco Santander Central Hispano, which is bidding for Abbey National, and HSBC, the UK's largest bank, have been slammed for lax money-laundering procedures in a report by a US Senate subcommittee.
The Spanish bank and the UK-based multinational stand accused of laxity in the fight against money laundering, drug trafficking, corruption and terrorism, notably in the oil-rich African state of Equatorial Guinea.
HSBC Bank USA says it has co-operated fully with the Senate investigation. "However, we are unable to provide information that our non-US affiliates solely possess. These affiliates, which are neither our branches or subsidiaries, are subject to the laws of the countries in which they operate."
REF: HSBC and Santander slammed in Senate money-laundering report
By Hugh O'Shaughnessy and Paul Lashmar
Tue Oct 05, 2004 9:54 am
Many thanks for bringing this matter to the forum's attention.
The list of suspicious activities grows and grows and grow....
Fri Feb 25, 2005 8:26 am
Friday, February 25, 2005 · Last updated 5:12 a.m. PT
Santander reports fourth-quarter loss
THE ASSOCIATED PRESS
MADRID, Spain -- Santander Central Hispano SA, Spain's biggest bank, reported a fourth-quarter loss Friday, blaming it on layoffs and costs related to its purchase of Britain's Abbey National PLC, Britain's sixth-biggest bank and second-biggest mortgage lender.
The banking giant reported a loss of 33.1 million euros ($43.7 million) for the three months ended Dec. 31, compared with a profit of 680.9 million euros in the same period of 2003.
Fri Feb 25, 2005 11:44 am
HSBC all all their related companies are very creative in their accounting. It is no surprise they are claiming a loss. But who in the world would believe anything they say or report. They are unconscionable.
Fri Feb 25, 2005 12:13 pm
Guest wrote:
HSBC all all their related companies are very creative in their accounting. It is no surprise they are claiming a loss. But who in the world would believe anything they say or report. They are unconscionable.
The United States Department of Justice was a very welcomed visitor to Household - HSBC Watch on February 24, 2005. The DOJ studied issues presented by consumers and shown on www.householdwatch.com
“Hopefully we painted a good picture of consumer abuses and predatory lending” said a representative of Household - HSBC Watch. “Consumers constantly ask how Household International and HSBC can get away with blatant abuses. The company ignores the SEC, flaunts California regulators, ignores court ordered settlements and is yet to be prosecuted in a manner commensurate with the abuses.”
We monitor customer trends for possible violations of Regulation Z and other possible illegal actions.