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HSBC México

Controversies

Controversies tied to this brand in public sources. A listing is not a finding of fault.

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  1. 2012

    Anti-money-laundering and cartel proceeds controversy

    A U.S. Senate investigation and enforcement proceedings alleged that HSBC failed to maintain adequate controls over money laundering through its Mexican operation. Authorities stated that hundreds of millions of dollars in suspected drug proceeds connected to Mexican and Colombian cartels entered the U.S. financial system through HSBC, alongside transactions involving sanctioned jurisdictions. HSBC acknowledged serious compliance failures, agreed to a deferred-prosecution arrangement and paid approximately US$1.92 billion. Former senior executives, including Sandy Flockhart, left HSBC in connection with the settlement.

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