HSBC México
Under the HSBC brand, the bank maintains a network of around 1400 branches nationwide, with the longest opening hours (8AM-7PM) including Saturdays.An innovation brought to the Mexican market was the first fixed-rate mortgage, which was an unusual product in Mexico, but was chosen to appeal to low-income customers concerned with the repossessions that followed the crisis of 1994-95.In December 2012, HSBC was penalized $1.9 billion (US), the largest fine under the Bank Secrecy Act, for violating four U.S. laws designed to protect the U.S. financial system.According to the report, "The U.S. bank subsidiary [also] failed to monitor more than $670 million in wire transfers and more than $9.4 billion in purchases of physical dollars from its Mexico unit."[3] As part of the agreement deferring its prosecution, HSBC acknowledged that for years it had ignored warning signs that drug cartels in Mexico were using its branches to launder millions of dollars, and also acknowledged that HSBC's international staff had stripped identifying information on transactions made through the United States from countries facing economic sanctions such as Iran and Sudan.
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