HSBC Bank USA announced on Wednesday that it will be updating its anti-money laundering procedures in order to comply with the USA's new, stringent controls.
Following a warning over procedural deficiencies from the Federal Reserve, the bank has entered into an agreement with the Fed and the New York State Banking Department to improve its reporting requirements, and to review transacions dating back to May 2000 for indications of suspicious activity.
'We are taking a number of steps to upgrade our systems and procedures in furtherance of our common goal of assuring that we have in place state-of-the-art policies, diligence practices and internal controls. This is our highest priority,' Youssef Nasr, HSBC USA's president and chief executive explained.
The Federal Reserve's warning came after the bank was found to be in in technical breach of the new US anti-money laundering laws, but all parties involved were quick to point out last week that there has been no evidence of specific cases of money laundering at the HSBC USA, which is the 11th largest commercial bank in the United States.
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