4 ms·

The Bank Secrecy act encapsulates hundreds of pages of law and regulations. Which part are you talking about? You can't just link a law and say "it says somewh

The Bank Secrecy act encapsulates hundreds of pages of law and regulations. Which part are you talking about? You can't just link a law and say "it says somewhere here someone can go to prison for some reason, so I'm sure that bank executives should go to prison." The Wikipedia article's blurb about prison does not seem to cover HSBC's conduct, but it's also hopelessly vague.

mattdeboard 13y ago
The DOJ themselves said HSBC is in violation, therefore the point is made without the need for us lay readers to know the exact part.
- cynicalkane 13y ago
  ??? The Bank Secrecy Act carries with it an enormous amount of different regulations and different laws and different penalties. The exact part is what you need to make your "point". If you can't produce it, no point has been made. The DOJ hasn't bothered to produce any reason to throw executives in jail, and I bet you can't either. Blithe self-righteousness is not a reason. A vague reference to a multi-hundred-page set of laws and regulations is not a reason.
  - mattdeboard 13y ago
    Ok, thanks for participating in our conversation
  - moocowduckquack 13y ago
    The DOJ hasn't bothered to produce any reason to throw executives in jail New York State Penal Law Sections 175.05 and 175.10 edit - 175.10, which HSBC have admitted guilt to, is a class E felony in NY, which apparently has sentencing guidelines of up to four years in prison with a minimum of one year.
- tsotha 13y ago
  That could be real or it could be posturing. That's why we have a court system - to hash these kinds of things out. It's not at all uncommon for prosecutors to say things like that and then not file charges because they know they can't get a conviction.
justincormack 13y ago
I am busy right now coding to go through in detail, but here [1] is an example of someone who was imprisoned under the BSA for "conspiring to fail to file currency transaction reports and failing to have effective AML and compliance programs", which certainly applies to HSBC. [1] http://compliance.saiglobal.com/community/news/item/4420-cheque-cashing-firm-manager-and-aml-compliance-officer-sentenced-for-bsa-aml-violations http://compliance.saiglobal.com/community/news/item/4420-che...

mattdeboard 13y ago

The DOJ themselves said HSBC is in violation, therefore the point is made without the need for us lay readers to know the exact part.

cynicalkane 13y ago
??? The Bank Secrecy Act carries with it an enormous amount of different regulations and different laws and different penalties. The exact part is what you need to make your "point". If you can't produce it, no point has been made. The DOJ hasn't bothered to produce any reason to throw executives in jail, and I bet you can't either. Blithe self-righteousness is not a reason. A vague reference to a multi-hundred-page set of laws and regulations is not a reason.
- mattdeboard 13y ago
  Ok, thanks for participating in our conversation
- moocowduckquack 13y ago
  The DOJ hasn't bothered to produce any reason to throw executives in jail New York State Penal Law Sections 175.05 and 175.10 edit - 175.10, which HSBC have admitted guilt to, is a class E felony in NY, which apparently has sentencing guidelines of up to four years in prison with a minimum of one year.
tsotha 13y ago
That could be real or it could be posturing. That's why we have a court system - to hash these kinds of things out. It's not at all uncommon for prosecutors to say things like that and then not file charges because they know they can't get a conviction.

justincormack 13y ago

I am busy right now coding to go through in detail, but here [1] is an example of someone who was imprisoned under the BSA for "conspiring to fail to file currency transaction reports and failing to have effective AML and compliance programs", which certainly applies to HSBC. [1] http://compliance.saiglobal.com/community/news/item/4420-cheque-cashing-firm-manager-and-aml-compliance-officer-sentenced-for-bsa-aml-violations http://compliance.saiglobal.com/community/news/item/4420-che...