HSBC pays record $1.9bn fine to settle US money-laundering accusations
Jill Treanor and Dominic Rushe, 11 December 2012
HSBC was guilty of a “blatant failure” to implement anti-money laundering controls and wilfully flouted US sanctions, American prosecutors said, as the bank was forced to pay a record $1.9bn (£1.2bn) to settle allegations it allowed terrorists to move money around the financial system.
Hours after the bank’s chief executive, Stuart Gulliver, said he was “profoundly sorry” for the failures, assistant attorney general Lanny Breuer told a press conference in New York that Mexican drug traffickers deposited hundreds of thousands of dollars each day in HSBC accounts. At least $881m in drug trafficking money was laundered throughout the bank’s accounts. Continue reading “Article: HSBC pays record $1.9bn fine to settle US money-laundering accusations”
