BBC, December 11
The US said “dangerous practices” at HSBC allowed the bank to pass money to “drug kingpins and rogue nations”, as it fined it $1.9bn (£1.2bn).
HSBC agreed the fine, the largest of its kind, earlier on Tuesday.
A US Senate investigation said the UK-based bank had been a conduit for drug barons and nations such as Iran against which it had sanctions, making it illegal to do business there.
HSBC admitted having poor money laundering controls and apologised.
[...]
It is unclear what impact the case will have on HSBC’s business. The bank is the biggest in Europe by market capitalisation, and made pre-tax profits of $12.7bn for the first six months of 2012.
Previously: Money-Laundering Inquiry Is Said to Aim at U.S. Banks
Recent Comments