Wednesday, May 8, 2013

HSBC India Reported to be Cooperating with DOJ and IRS and Projecting Significant Penalty (5/8/13)

The Times of India has this article:  HSBC fears 'significant' penalty in NRI tax evasion probe (Times of India 5/8/13), here.  Excerpts are:
Global banking major HSBC has said it may face "significant" penalties from the US authorities with regard to an ongoing probe into suspected tax evasion by the US-based clients of its Indian unit, among other cases. 
The US tax department is investigating possible evasion of federal income taxes by the American residents of Indian origin through use of their accounts with HSBC India. 
HSBC said in a regulatory filing last night that it is cooperating with the US Department of Justice and the Internal Revenue System (IRS) in their probes into whether certain HSBC companies and employees acted appropriately in relation to certain customers with US tax reporting requirements.
The article also addresses another exposure due to an SEC investigation "related to HSBC Private Bank Suisse SA's cross-border policies and procedures and adherence to US broker-dealer and investment adviser rules and regulations when dealing with US resident clients."

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