AdminUnknown December 01, 2013 No Comments
In 2010, HSBC hired an outside auditor, Deloitte, to identify and review "Office of Foreign Assets Control sensitive transactions" at HBUS between 2001 and 2007. It identified that the bank had processed almost 25,000 transactions involving Iran and assets in excess of $19.4bn. The majority were undisclosed transactions that should have been identified and vetted. On 24 September 2007, HSBC group compliance issued a group circular letter announcing the bank's decision to exit Iran. But internal bank documents show that every month hundreds of Iranian transactions continued to surface at HBUS during 2008 and 2009.