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HSBC's money laundering fine might hit $1.8bn
- UK: Saturday, December 08 - 2012 at 04:16
HSBC Holdings could pay a fine of $1.8bn as part of a settlement with US law-enforcement agencies over money-laundering lapses, Reuters has reported, citing several sources familiar with the matter. The settlement with Europe's biggest bank, which could be announced as soon as this week, will likely involve HSBC entering into a deferred prosecution agreement with federal prosecutors, said the sources. HSBC said on November 5 that it set aside $1.5bn to cover a potential fine for breaching anti-money laundering controls in Mexico and other violations, although chief executive Stuart Gulliver said the cost could be "significantly higher."
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