ICAN authorities are investigating the US division of banking group HSBC over its compliance with anti-money laundering procedures, according to regulatory papers.
HSBC USA stated it has received subpoenas and other requests for information as part of the probe in a filing to the US Securities & Exchange Commission (SEC).
The bank is the subject of ongoing examinations by various authorities including the US Attorney’s Office and the Department of Justice.
“These examinations and inquiries pertain to, among other matters, our global banknotes business and our foreign correspondent banking business, and our compliance with the Bank Secrecy Act, Anti-Money Laundering and Office of Foreign Assets Control requirements,” the filing said.
A HSBC spokesman said the bank was fully co-operating with the US authorities on the matter.
Governments around the world have put banks under intense scrutiny in the wake of the credit crisis, with UBS targeted in a US tax evasion probe last year, while Royal Bank of Scotland was fined £5.6m by the Financial Services Authority this week for lax controls.