Member Statements

• Chairman, Permanent Subcommittee on Investigations CARL LEVIN D (MI)
  Download Statement (93.9 KB)
  
• Ranking Minority Member, Permanent Subcommittee on Investigations TOM COBURN R (OK)
  Download Statement (33.7 KB)
  

Agenda

The Permanent Subcommittee on Investigations held a hearing, "U.S. Vulnerabilities to Money Laundering, Drugs, and Terrorist Financing: HSBC Case History," on Tuesday, July 17, 2012, at 9:30 a.m., in Room 106 of the Dirksen Senate Office Building.

The Subcommittee hearing examined the issue of 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, using HSBC as a case study.  

Witnesses

• EXHIBITS 1-99 July 17 2012 Hearing
  EXHIBITS 1-99 from July 17, 2012 Hearing (67.72 MB)
  
• REPORT - July 17, 2012
  REPORT: U.S. Vulnerabilities to Money Laundering, Drugs, and Terrorist Financing: HSBC Case History (2.38 MB)
  

PANEL 1

• THE HONORABLE  DAVID S. COHEN

  Under Secretary for Terrorism and Financial Intelligence

  U.S. Department of the Treasury

  Washington, DC
  Download Testimony (32.7 KB)
  
• MR.  LEIGH H. WINCHELL

  Assistant Director, Investigative Programs

  U.S. Immigration & Customs Enforcement, U.S. Department of Homeland Security

  Washington, DC
  Download Testimony (68.7 KB)
  

PANEL 2

• MR.  DAVID BAGLEY

  Head of Group Compliance

  HSBC Holdings plc

  London, England
  David Bagley (17.1 KB)
  
• MR.  PAUL THURSTON

  Chief Executive, Retail Banking and Wealth Management

  HSBC Holdings plc

  Hong Kong
  Download Testimony (22.3 KB)
  
• MR.  MICHAEL GALLAGHER

  Former Executive Vice President, Head of PCM North America

  HSBC Bank USA, N.A.

  New York, NY
  Download Testimony (11.6 KB)
  
• MR.  CHRISTOPHER LOK

  Former Head of Global Banknotes

  HSBC Bank USA, N.A.

  New York, NY
  Download Testimony (10.9 KB)
  

PANEL 3

• MS.  IRENE DORNER

  President and Chief Executive Officer

  HSBC Bank USA, N.A. and HSBC North America Holdings, Inc.

  New York, NY
  Download Testimony (21.7 KB)
  
• MR.  STUART A. LEVEY

  Chief Legal Officer

  HSBC Holdings plc

  London, England
  Download Testimony (38.6 KB)
  

PANEL 4

• THE HONORABLE  THOMAS J. CURRY

  Comptroller of the Currency

  U. S. Department of the Treasury

  Washington, DC
  Download Testimony (117 KB)
  
• MS.  GRACE E. DAILEY

  Former Deputy Comptroller for Large Bank Supervision

  Office of the Comptroller of the Currency

  Washington, DC
  Download Testimony (117 KB)
  
• MR.  DANIEL P. STIPANO

  Deputy Chief Counsel

  Office of the Comptroller of the Currency

  Washington, DC
  Download Testimony (117 KB)