Press Room | HSBC

Notice:

The Home Depot has reported a breach of its payment data systems, which could potentially impact customers at its U.S.and Canadian stores. For further information regarding this data breach please visit The Home Depot website at www.homedepot.com

As always, we are closely monitoring HSBC accounts for unusual activity and will contact you as appropriate. We strongly encourage you to monitor your transactions and notify us immediately if you see anything suspicious.

HSBC North America Holdings Inc. and HSBC Bank USA, N.A. Announce Agreement to Resolve U.S. Regulatory Actions

7 October 2010

New York, NY – HSBC North America Holdings Inc. (“HSBC North America” or “the Company”) has entered into a Consent Order with the Federal Reserve Board, and its HSBC Bank USA, N.A. (“HSBC Bank USA” or “the Bank”) subsidiary has entered into a Consent Order with the Office of the Comptroller of the Currency.

These actions require improvements for an effective compliance risk management program across the Company’s U.S. business, including Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) compliance.

HSBC Bank USA previously disclosed that it is subject to ongoing examinations and investigations by regulatory and governmental agencies pertaining to, among other matters, compliance with BSA, AML and Office of Foreign Assets Control requirements. The Bank notes that it has cooperated fully with its regulators in reaching these agreements and continues to cooperate fully with them in implementing the agreement terms, and with other government agency investigations.

HSBC has a global commitment to maintaining the highest level of compliance capability and culture in markets around the world. HSBC North America is continuing to work closely with its regulators to fully address and resolve issues raised.

HSBC North America has taken a number of recent actions on these issues. The Company reorganized reporting lines to enhance the effectiveness of the Bank’s compliance organizational structure, which now reports separately and directly to the HSBC North America CEO. It has also added capabilities and capacity to its compliance function through increased investment in people, systems and advisory services. The Company has also taken strategic actions to streamline the Bank’s business, scaling back or exiting areas that are not core while at the same time driving improved execution in the core areas and, in particular, the U.S. Dollar payments business.

Work will continue on these important initiatives as HSBC is committed to prompt resolution of these compliance matters and the maintenance of sustainably compliant and effective BSA/AML policies and procedures.

Media Contacts

Media Relations Contacts

The contacts listed here are for media-related inquiries only. For customer service, please visit "Contact HSBC.”

Have a question?

Call our Customer Relationship Center
800.975.4722

Monday - Sunday 7:00am - 12:00am ET
Automated banking available 24/7
Lost Stolen 24/7

TTY: 800.898.5999
Monday - Sunday 7:00am - 12:00am ET

†† Investments, Annuity and Insurance Products:
ARE NOT A BANK DEPOSIT OR OBLIGATION OF THE BANK OR ANY OF ITS AFFILIATES ARE NOT FDIC INSURED ARE NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY ARE NOT GUARANTEED BY THE BANK OR ANY OF ITS AFFILIATES MAY LOSE VALUE
Go to Top