HSBC fined $1.9B for money-laundering anti-terror breaches
December 12 , 2012
The United States has levied a fine of $1.9 billion against HSBC, one of the world's biggest banks for breaching anti-terror laws and anti-money laundering guidelines in the country. HSBC has been dealing with countries such as Syria, Libya, Sudan, and Iran and with prohibited drug cartels in Mexico and Columbia. The leading bank failed to comply with the legal requirements required of all US financial institutions. HSBC facilitated the laundering of $881 million for Mexico's Sinaloa cartel and Colombia's Norte del Valle cartel, it is estimated. The US Department of Justice believes that senior HSBC officials were aware that compliance mechanisms were being compromised and money laundering activities were being undertaken.