Financial Transparency Coalition

HSBC Bank USA N.A. and HSBC Bank Holdings plc, its parent company, agreed to forfeiture and penalties of a little more than $1.9 billion dollars for systemic and willful violations of U.S. anti-money laundering and foreign sanctions laws. This penalty is making headlines in the press as the largest fine ever imposed on a bank, but we note that not one person is being prosecuted in this case. $1.9 billion may sounds like a lot, but does the penalty fit the crime? We have decided that you should be able to make an informed judgment about that...