The Federal Reserve said Thursday that it issued an order against HSBC North American Holdings Inc. requiring the bank to improve company-wide risk management, including practices to prevent money laundering.

It said that within 30 days, the bank’s board must submit a plan for strengthening oversight of its compliance risk-management program. The plan must show how risk is being managed within and across business lines, legal entities and jurisdictions in which the bank operates. Get the full story »