HSBC Argentina also fined for failing to report suspicious transactions
Argentina slapped a 30 million Peso (6 million dollars) fine on a local subsidiary of global banking giant HSBC for failing to report suspicious transactions, authorities here said Sunday.
Justice officials said that the fine had been levied against HSBC Bank Argentina SA for failing to disclose a three million dollar transaction by a bread bakers' association, in what regulatory officials said was a clear-cut case of money laundering.
Officials said the sum should have raised red flags at HSBC, given the group's relatively modest “profile.”
“The amount of transactions investigated was a 5.800% percent higher than the amount of total income declared by the association for the years 2005 to 2006,” the agency.
Just last week, officials in the United State found that HSBC parent flouted US sanctions on Iran and other countries and laundered Mexican drug money to build its business, and hit it with a massive 1.92 billion dollars in fines.
US authorities said the British bank's internal controls were “knowingly and willfully” lax, and that it had enabled forbidden financial transactions with Iran, Libya, Sudan, Cuba and Myanmar from the 1990s through 2006.
The company's Mexico branch also freely allowed hundreds of millions of dollars to be laundered through HSBC by drug groups, the US Justice Department said.
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Do you still pay taxes in UK?
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So i fail to see what the hell this has to do with Britain or us British taxpayers - So your posts equals TROLL!!
I suggest you research HSBC Bank Argentina SA to understand things a little better! As you will find it is only a subsidiary of HSBC.
So, the not-British subsidiary of the not-British company...
OK, why doesn't Argentina have purely Argentine banks take over and give us an endless supply of laughs?
Dec 17th, 2012 - 11:35 am
You do realize that HSBC is the Hongkong and Shanghai Banking Corporation don't you??????
It's head office is in London, but has over 7.000 offices world wide, it is about as British as dulce de leche!!!!!
To be fair, any banking system is more respected today than the British banking system.
You seem to be of the believe that the GLOBAL economic crisis was caused by British Banks, when in reality it was caused by Banks from countries throughout the world and not solely the blame of British Banks.
Here's a test for you. Please provide names of all British Banks that you know off!
Argentine banks are far more secure than any in the north, period.
YPF, IDB recent points in case.
Why don't you, and this is only a polite suggestion mind, BORROW IT FROM THEM! you would be sure to get better repayment terms.
Let's see, could it be, just possibly be, THEY HAVE NO FUNDS TO LEND!
Why does your government have to open your BOE auctions to non-British banks and investors? I guess your banks don't have FUNDS EITHER.
Losers.
That's what I call a cough Guv.
Like all the other European nations and the United States.
Zhongguo !!!!
I also suppose Argentina not repaying debts have any effect on banks either.
As for BOE auctions - lol don't you even know what ECTR is!!!
2002: year before 2003
2003: year before 2004
2004: year before 2005
2005: year before 2006
2006: year before 2007
2007: year before 2008
2008: year before 2000
Syllogism of the day: if 2001 was before 2002... and 2002 was before 2009 according to the chart above, ergo... 2001 was before 2009.
SINCE 2009 (Global finanacial crisis ex-Argentina, who was spared thankjs to severing links with the banks, IMF, and borrowing from capital markets), no bank in Argentina has failed.
But hey if you want to believe that having to travel across the border to a neighboring country so you can buy a TV, means the global economic effect has by passed Argentina then be guess!!! lol
Their “reserves” consist mainly of Arg Fed Bonds paying a lower interest rate than inflation with a daily devalued peso!
BCRA has had to continually lower the required reserve amounts so they don't have to liquidate because the deposits are depleted.
It is a disaster.
The banks themselves, the private enterprise, are actually quite conservative and secure.
We know your solution to economics.
Borrow,default, insist on paying less than borrowed.
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