HSBC fined over Syrian and Iranian money laundering
HSBC has been fined after laundering money for Syria and Iran
Click here to add David Bagley as an alert
Disable alert for David Bagley,
Click here to add Financial Services Authority as an alert
Disable alert for Financial Services Authority,
Click here to add HSBC as an alert
Disable alert for HSBC,
Click here to add Stuart Gulliver as an alert
Disable alert for Stuart Gulliver,
Click here to add United States Senate as an alert
Disable alert for United States Senate,
Click here to add US Department of Justice as an alert
Disable alert for US Department of Justice
HSBC has agreed to pay US authorities a record $1.9 billion (£1.2 billion) settlement over accusations that it allowed rogue states and drug cartels to launder billions of pounds through its US arm.
The US Senate findings against HSBC, which accused the bank of ignoring warnings and breaching safeguards that should have stopped the laundering of money from Mexico, Iran and Syria, led to the resignation of head of compliance David Bagley.
The lender reached agreement with several US authorities including the US Department of Justice and expects to soon finalise a deal with the Financial Services Authority.
HSBC group chief executive Stuart Gulliver said: "We accept responsibility for our past mistakes. We have said we are profoundly sorry for them, and we do so again."
- Nip, tuck: Dubai's grand plans for being a major player in medical tourism
- Zain, UNHCR, Facebook to bring free internet access to urban refugees in Jordan
- Yemen Central Bank headquarters to relocate from Sanaa to Aden
- IMF report details the crippling economic effects of conflict in MENA
- Start Up Lebanon entrepreneurs head to Silicon Valley Roadshow