All Weekend, Every Weekend. On C-SPAN3.

U.S. Gov't and HSBC Bank Officials Testify on Financial System Vulnerabilities

Washington, DC
Tuesday, July 17, 2012

Treasury and Homeland Security Department officials testify on vulnerabilities to the U.S. financial system at a Senate Homeland Security and Governmental Affairs Subcommittee on Permanent Investigations hearing Tuesday.

The Subcommittee is using international bank HSBC as a case study to discuss "the money laundering and terrorist financing vulnerabilities created when a global bank uses its U.S. affiliate to provide U.S. dollars, U.S. dollar services, and access to the U.S. financial system to high risk affiliates, high risk correspondent banks, and high risk clients."

Executives of HSBC Holdings Plc and its U.S. subsidiary are also testifying about how the bank has tightened its money handling oversight "after years of run-ins with U.S. authorities over alleged anti-money laundering lapses."

In anticipation of the hearing, HSBC executives sent a message to employees earlier this week: "Between 2004 and 2010, our anti-money laundering controls should have been stronger and more effective, and we failed to spot and deal with unacceptable behavior. It is right that we are held accountable and that we take responsibility for fixing what went wrong."

HSBC's North American chief Irene Dorner is testifying alongside global legal head Stuart Levey. Additional witnesses include the Comptroller of the Currency Thomas Curry, as well as an Office of the Comptroller of the Currency (OCC) lawyer and a former OCC official.

As of March 2012, HSBC has total assets of over $2 trillion.

Updated: Tuesday, July 17, 2012 at 5:19pm (ET)

Related Events

Napolitano Discusses Post-9/11 Homeland Security
Wednesday, August 17, 2011     

Less than one month from the 10th anniversary of the September 11th attacks, Secretary of Homeland Security Janet Napolitano announced an update to the "If You See Something, Say Something” public awareness campaign to encourage citizens to report suspicious activity.  She unveiled new 30 second advertisements to inform the public of this new initiative. The campaign began last summer and was modeled after New York City’s public service announcements on its transportation system.

House Homeland Security Hearing on Cloud Computing
Thursday, October 6, 2011     

The House Homeland Security Subcommittee on Cyber Security focused on concerns surrounding “cloud computing” at a hearing on Capitol Hill.  The term is associated with technology that stores documents or resources on local computers and can be accessed via a network such as the internet.  Two panels of witnesses are set to testify.  The first group is government officials.  The second panel is made up of industry experts. 

House Homeland Security Hearing on Southern Border Security
Friday, October 14, 2011     

Former Drug Czar General Barry McCafferty testified on Capitol Hill on a report he produced with Retired Army Maj. General Robert Scales about the state of U.S. border security.

DHS Secretary Assesses the State of Homeland Security
Monday, January 30, 2012     

U.S. Department of Homeland Security Secretary Janet Napolitano delivered the second annual ‘State of America’s Homeland Security’ address at a National Press Club Luncheon Monday afternoon. Napolitano took questions following her address.

House Homeland Security Hearing on CFATS Program
Tuesday, March 6, 2012     

Homeland Security Under Secretary Rand Beers testifies on The Chemical Facilities Anti-Terrorism Standards program.

Homeland Security Secretary Discusses Cybersecurity in Oversight Hearing
Wednesday, April 25, 2012     

DHS Secretary Janet Napolitano told the Senate Judiciary Cmte that the Secret Service’s conduct in Colombia was inexcusable and that the IG will investigate. She also stated that President Obama’s security was never compromised. .

Homeland Security Advisor Speaks about Ethics of White House Strategy
Monday, April 30, 2012     

John Brennan, the Assistant to the President for Homeland Security and Counterterrorism, confirmed the use of drones in terrorist strikes Monday at the Wilson Center in Washington, DC. He called the strikes “legal, ethical and wise,” using the highest standards to best try to limit loss of civil life.

Hearing Examines Ethics Violations at Dept. of Homeland Security Agencies
Thursday, May 17, 2012     

A House Homeland Security Subcommittee hearing examined recent misconduct involving Department of Homeland Security employees within the Transportation Security Administration, Customs and Border Protection, and Immigration and Customs Enforcement.

The War of 1812
Thursday     

Two hundred years ago on August 24th, 1814, British soldiers routed American troops at the Battle of Bladensburg just outside of Washington, DC. The victory left the nation’s capital wide open to British forces, who marched into the city and burned down the White House and U.S. Capitol building. In this program, learn more about the Burning of Washington during the War of 1812 from author and historian Anthony Pitch at an event hosted by the Smithsonian Associates. 

The Civil War: Remembering the Battle of the Crater
Wednesday     

Author Kevin Levin discusses the role of the U.S. Colored Troops in the Battle of the Crater, and the way their contributions were remembered in the years following the Civil War. The Battle of the Crater took place July 30, 1864, as part of the Union Army’s siege of Petersburg.

Share This Event Via Social Media

Related Resources

Photo Gallery

American History TV
Questions? Comments? Email us at AmericanHistoryTV@c-span.org