HSBC to pay record $1.9bn fine in money laundering case
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HSBC to pay record $1.9bn fine in money laundering case

HSBC to pay record $1.9bn fine in money laundering case

HSBC has agreed to pay a record $1.92bn fine to settle a multi-year probe by US prosecutors, who accused Europe's biggest bank of failing to enforce rules designed to prevent the laundering of criminal cash, Reuters has reported. HSBC Holdings admitted to a breakdown of controls and apologised in a statement announcing it had reached a deferred-prosecution agreement with the US Department of Justice. "We accept responsibility for our past mistakes. We have said we are profoundly sorry for them, and we do so again. The HSBC of today is a fundamentally different organisation from the one that made those mistakes," said chief executive Stuart Gulliver.

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