HSBC may pay $1.8 billion money laundering fine
December 7 , 2012
HSBC could pay a fine of $1.8 billion as part of a settlement with U.S. law-enforcement agencies over money laundering rule breaches, according to people familiar with the matter.
The settlement with Europe's biggest bank could be announced as soon as next week. It is likely to result in HSBC entering into a deferred prosecution agreement with federal prosecutors, said the anonymous sources who spoke to Reuters news agency on Thursday.
In July, a U.S. Senate report hit out at HSBC for letting clients move potentially illicit funds from countries such as Mexico, Iran, the Cayman Islands, Saudi Arabia and Syria.
The U.S. government prohibits financial transactions with Iran and certain other countries.
The committee said the London-based bank's actions in bypassing these regulations had in some cases assisted terrorism.