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The Treasury Department has fined HSBC at least 18 times under terror-related sanctions since the start of 1998. One penalty was for a transfer in April 2000 of $100,000 benefiting the Taliban, which at the time was running Afghanistan and providing bin Laden and his al-Qaeda organization with the base from which he plotted the Sept. 11 attacks. Some U.S. regulators say HSBC’s controls are inadequate. At Household – HSBC Watch, consumer advocates say HSBC’s control over predatory lender Household International are inadequate. Household International is now part of HSBC. “In our opinion HSBC only controls what they need to, which isn’t very much. Profits for banks and oil companies are up, in which case fines and settlements are minor in relation to profits” said the group.
This article, HSBC Terror Ties – Controls Inadequate, is just one of our articles from our Bank Horror Stories, HSBC Secrets Part 3
Bank Horror Stories monitors banking problems and customer complaints and has done so since 1999. Writers hold no stock positions. Some material is used under the fair use copyright act.
We use Thomson Reuters News Service Calais in all production material but are not associated with Thomson Reuters, banks, or financial institutions in any way.
