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MABUS = HBUS (U.S. affiliate bank of HSBC) ?

User ID: 3049408
United States
07/18/2012 11:25 AM
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MABUS = HBUS (U.S. affiliate bank of HSBC) ?
After the death of HBUS (MABUS)... ?

Global banking giant HSBC and its US affiliate (HBUS) concealed more than $US16 billion ($A15.67 billion) in sensitive transactions to Iran, violating US transparency rules over a six-year period, a Senate panel says.

HSBC executives were aware of the "concealed Iranian transactions" which stripped all identifying Iranian information from documentation as early as 2001 but allowed thousands of transactions to continue until 2007, according to a Senate report on HSBC shortcomings in stopping money laundering.


The Subcommittee investigation focused on HSBC's key U.S. affiliate, HSBC Bank USA, N.A., known as HBUS, which functions as the U.S. nexus for HSBC's worldwide network. HSBC has 7,200 offices in more than 80 countries and 2011 profits of $22 billion; HBUS has 470 branches across the United States with 4 million customers. HBUS provides accounts to 1,200 other banks including more than 80 HSBC affiliates. Called correspondent banking, HBUS provides these banks with U.S. dollar services, including services to move funds, exchange currencies, cash monetary instruments, and carry out other financial transactions. Correspondent banking can become a major conduit for illicit money flows unless U.S. laws to prevent money laundering are followed.
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07/18/2012 11:26 AM
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Re: MABUS = HBUS (U.S. affiliate bank of HSBC) ?