A record $1.92 billion in fines and penalties announced by federal authorities against HSBC Holdings, HSBC North American Holdings, and HSBC Bank USA, N.A., may portend stricter enforcement of anti-money laundering regulations and economic and trade sanctions. This settles charges that HSBC transferred billions of dollars for sanctioned countries and enabled Mexican drug cartels to launder drug proceeds in violation of the Bank Secrecy Act, the International Emergency Economic Powers Act, and the Trading with the Enemy Act. The settlement includes a deferred prosecution agreement for HSBC, which will conduct an extensive overhaul of its anti-money laundering operations in the next five years.

This is the largest amount in fines and penalties ever paid for such violations and may well be a harbinger of stricter Anti-Money Laundering (AML) and Office of Foreign Assets Control (OFAC) enforcement and higher penalties for any institutions that have violated these laws and regulations. Interestingly, this announcement comes only a day after Standard Chartered Bank agreed to a $327 million settlement for similar violations.

In this webinar, we will discuss lessons to be learned by banks and other entities with AML compliance responsibilities, given the current enforcement environment.   


  • Brief review of the HSBC and Standard Chartered cases 
  • A discussion of whether systemically important financial institutions, or “SIFIs,” are “too big to prosecute” 
  • Periodic AML risk assessment—a crucial aspect of AML compliance 
  • AML issues garnering the most attention from regulators 
  • Key SAR detection and reporting points  


12:00 PM - 1:00 PM ET | Webinar


Alan S. Kaplinsky, Practice Leader, Consumer Financial Services Group


Beth Moskow-Schnoll, Partner, Consumer Financial Services Group
Keith R. Fisher, Of Counsel, Bank Regulation and Supervision Group

There is no cost to attend. This program is not eligible for continuing education credits.

Please register at least two days before the webinar. Login details will be sent to all approved registrants. For more information, contact Lisa M. Prickril at prickrill@ballardspahr.com.