HSBC fined over Syrian and Iranian money laundering
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."
- First banks, now companies: Gulf firms 'go Islamic'
- No where to hide: Israel, UK ally against tax evasion epidemic
- Nasdaq-style crisis: is the Saudi stock market not ready to come out yet?
- Panic sell-offs: Gulf markets slide after U.S. oil hits six-year low
- What will it take for Egypt to get the $300 billion it wants?