HSBC says it has stepped up efforts to improve its anti-money laundering monitoring. The OCC found that HSBC’s BSA compliance program had deficiencies in the areas of suspicious activity reporting, the monitoring of bulk cash purchases and international funds transfers. The larger banks tend to do a better job of monitoring and complying with BSA/AML requirements, including the OFAC list checks. The Obama administration has made it clear its targeting the bad guys with the formation of the Financial Fraud Enforcement Task Force.”]
Source: https://www.cuinfosecurity.com/blogs/spotlight-on-money-laundering-p-793