
The Federal Reserve Board issued a consent cease and desist order against HSBC Holdings plc and assessed a $165 million civil money penalty against HSBC and its U.S. Subsidiary. The order addressed inadequate oversight of anti-money laundering controls and U.S. Dollar clearing practices used by the firm's banking subsidiaries in the United States and abroad. For more info visit http://www.federalreserve.gov/newsevents/press/enforcement/20121211b.htm