trending Market Intelligence /marketintelligence/en/news-insights/trending/xI-TuIPOnW-zrDASe5qziw2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In This List

HSBC reaches $192.4M settlement in US tax evasion probe

Key Credit Risk Factors When Assessing Banks In The Context Of COVID-19

Street Talk Episode 61 - Investors debate if U.S. banks have enough capital in post COVID world

You Down With PPP? Consider The Risks

Street Talk Episode 60 - You Down With PPP? Consider The Risks

HSBC reaches $192.4M settlement in US tax evasion probe

HSBC Holdings PLC has settled with the U.S. Justice Department to close an investigation into the role of HSBC Private Bank (Suisse) SA in assisting clients to hide assets to evade taxes.

HSBC Private Bank (Suisse) agreed to pay about $192.4 million.

Both parties have agreed to a three-year deferred prosecution agreement, during the scope of which the bank must demonstrate good conduct before the case is closed. The DOJ also said the agreement does not protect any individual from prosecution. The settlement closes an investigation into the bank's activities from at least 2000 to 2010.

The payment comprises $71.9 million of forfeited proceeds derived from illegal activities, $60.6 million of restitution to the U.S. Internal Revenue Service and a $59.9 million penalty. HSBC also admitted to conspiring with U.S. taxpayers to evade taxes.

HSBC Private Bank (Suisse) CEO Alex Classen said the bank has bolstered its compliance, control framework and set out a "comprehensive client tax transparency policy."

The bank added that the settlement is fully provisioned.