OCC Issues Largest Penalty It Has Ever Assessed

Today, the Office of the Comptroller of the Currency (OCC) announced a $500 million penalty against a national bank, HSBC Bank USA, N.A. The OCC's penalty was based upon its determination that HSBC had violated the Bank Secrecy Act. Separately, the OCC announced that it had issued a cease and desist order to HSBC to address deficiencies in the bank's compliance program.

The Comptroller of the Currency, Thomas J. Curry, stated that the penalty is the largest penalty the OCC has ever assessed. Comptroller Curry advised that the penalty reflects the severity and duration of the violation and demonstrates the OCC's resolve to take firm action when warranted to ensure compliance with the law and to hold banks accountable when they fail to live up to those standards.