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HSBC to pay $2.9 billion to settle money-laundering probes

By COMPILED FROM WIRE REPORTS

This article was published December 11, 2012 at 11:14 a.m.

HSBC Holdings PLC, Europe’s largest bank, has agreed to pay $1.92 billion to settle U.S. investigations of money laundering in the largest such accord ever.

The settlement includes a deferred prosecution agreement with the U.S. Department of Justice, the London-based bank said in an e-mailed statement Tuesday.

HSBC also said it expects to complete an undertaking with the U.K.’s Financial Services Authority soon, without giving details.

In July, Senate committee said that lax oversight by top HSBC executives gave terrorists and drug cartels access to the U.S. financial system.

The settlement is the biggest reached in the United States over such allegations, topping the $619 million in penalties paid in June by the Netherlands’ ING Groep NV.

In court papers filed Tuesday, the Justice Department accused HSBC of violating the Bank Secrecy Act in connection with the laundering of money from narcotics drug traffickers in Mexico, as well as intentionally allowing prohibited transactions with Iran and other nations that have been under sanctions, including Libya, Sudan and Burma.

Read tomorrow's Arkansas Democrat-Gazette for full details.

Information for this article was contributed by Bloomberg News and The Associated Press.

Comments on: HSBC to pay $2.9 billion to settle money-laundering probes

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Displaying 1 - 2 of 2 total comments

arta says... December 11, 2012 at 7:49 p.m.

Crooks, crooks and more crooks. What could possibly drive them to do this? What is it that makes them think this behavior is acceptable? Maybe the consequences just aren’t tough enough. Screwing people’s lives up because of their own gluttony ? When will the greedy people at the top ever get it?

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ALDEN2 says... December 11, 2012 at 9:05 p.m.

Steal a little and they throw you in jail,
steal a lot and they make you king.

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