HSBC continued to do business with one client

Between 2001 and 2007, more than 28,000 transactions wholesale rayban sunglasses were identified by an outside auditor for HSBC that potentially could have run afoul of laws that prohibit transactions with sanctioned countries. Of those, 25,000 involved Iran. A smaller number required additional analysis to determine if violations of U.S. regulations had occurred, the report said. At the heart of HSBC's failings was the fact that it served as a hub for smaller financial firms needing access to the global banking system, the report said. In one example detailed in the cheap sunglas ray ban Senate investigation, HSBC continued to do business with one client that admitted to U.S. law enforcement that it had failed to maintain an effective anti-money laundering system. The client, Sigue Corp, was a money processor in California, the report said. In 2008, the company agreed to a so-called deferred prosecution with the U.S. Justice Department and other U.S. agencies where it admitted to allowing millions of dollars of suspect transactions between 2003 and 2005. Undercover U.S. officers, in a sting, even moved money through the company, explicitly telling Sigue agents they were moving illegal drug proceeds, the cheap ray-bans and oakleys report said.