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Commentary by Steven Lofchie

The House Financial Services Committee released a staff report investigating whether the U.S. Department of Justice's decision not to prosecute HSBC for "serious violations of U.S. anti-money laundering laws and related offenses" was "based on the size of financial institutions and [a] belief that such prosecutions could negatively impact the economy."

Commentary by Steven Lofchie

The New York Department of Financial Services adopted standards for filtering programs that monitor transactions for potential anti-money laundering and Bank Secrecy Act violations and block transactions that are prohibited by the Treasury's Office of Foreign Assets Control.