Bank HSBC to pay $1.9 billion in fines

U.S.: Britons’ money laundering rife

Posted: December 12, 2012 at 4:24 a.m.

HSBC showed a “stunning, stunning failure” to monitor itself, Lanny Breuer, assistant attorney general of the Justice Department’s criminal division, said Tuesday.

American authorities on Tuesday cited “astonishing” dysfunction at HSBC after the British bank agreed to pay $1.9 billion in penalties for helping Mexican drug traffickers, Iran, Libya and others under U.S. suspicion or sanction to move money around the world.

British-owned bank HSBC to pay $1.9 billion settlement

British-owned bank HSBC is paying $1.9 billion to settle a US money-laundering probe. The bank was investigated for involvement in the transfer of funds from Mexican drug cartels and sanctioned nations like Iran. (By The Associated Press)
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