Inside these posts: Money laundering

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Oct. 7, 2010 at 1:03 p.m.
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Filed under: Banking, Government

Fed orders HSBC to shape up risk management

By Reuters

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 »

Sep. 21, 2010 at 8:02 a.m.
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Filed under: Banking, Investigations

Vatican ’surprised’ by money-laundering probe

By Associated Press

The Vatican said Tuesday that it is “perplexed and surprised” by a money laundering probe after police seize euro23 million.

The ANSA news agency says Italian financial police seized the $30 million from an account in the Vatican bank in the money laundering investigation. Get the full story »