Press Esc to close
Monday 25 May 2015
News updated at 10:45 AM IST
Weather
Max: 33.3°C
Min : 22.5°C
In Bengaluru
Sunny day

HSBC to pay USD 1.9 bn to settle US claims: report

Washington, Dec 11, 2012 (AFP)

US authorities plan to announce a record USD 1.9 billion settlement with British bank HSBC to end allegations of money laundering, The Wall Street Journal reported on its website.

The deal could be announced as early as today in New York, officials told the Journal.

Citing people familiar with the matter, the Journal said yesterday that the figure includes nearly USD 1.3 billion, a record amount for a bank, as part of a deferred prosecution agreement.

The London-based bank also would pay a civil fine of more than USD 650 million, according to people briefed on the issue, the newspaper said.

US lawmakers have accused the global bank of giving Iran, terrorists and drug dealers access to the US financial system.

Criminal investigators have been pursuing some of the same allegations highlighted in the Senate probe, the Journal noted.

HSBC in July admitted to poor anti-laundering controls.
The settlement would resolve investigations by the Justice and Treasury departments and other federal agencies, as well as the Manhattan district attorney.

As part of the HSBC settlement deal, the Journal said, citing a government official, it will admit to violating the Bank Secrecy Act and the Trading with the Enemy Act.

The US Treasury declined to comment on the Journal report.
In early November HSBC said it had increased the amount set aside for fines linked to money-laundering in the United States to USD 1.5 billion.

The Journal report came the same day the US Treasury announced that another British bank, Standard Chartered, would pay USD 327 million to settle charges it violated US sanctions on Iran, Myanmar, Libya and Sudan.

For Standard Chartered, the fines from the Treasury and other US federal and local regulators brought to USD 667 million the total it has been charged for sanctions violations.


Go to Top

Photo Gallery
Mumbai India and CSK Cricketers with IPL Trophy during photo session ahead of their IPL 2015...

Mumbai India and CSK Cricketers with IPL Trophy during photo session ahead of their IPL 2015...

Organically grown fruits and vegetables at ‘Pilikula Vasanthothsava’ at Pilikula in Mangaluru...

Organically grown fruits and vegetables at ‘Pilikula Vasanthothsava’ at Pilikula in Mangaluru...

Dr.Rajkumar's Statue Unveil at Gayathri (Rajaji) Nagar...

Dr.Rajkumar's Statue Unveil at Gayathri (Rajaji) Nagar...

An Indian man pours water on his face during a hot summer day in Hyderabad...

An Indian man pours water on his face during a hot summer day in Hyderabad...

A picture of late Pope's John Paul II is seen inside the Force India's Formula One car...

A picture of late Pope's John Paul II is seen inside the Force India's Formula One car...

Children seen carrying sand in cycle cart which collected from the road at Mysuru...

Children seen carrying sand in cycle cart which collected from the road at Mysuru...

A man shows a pair of turtles in Thane, Mumbai ...

A man shows a pair of turtles in Thane, Mumbai ...

A salesman helps a customer to select gold bangles at a jewelry showroom in Mumbai...

A salesman helps a customer to select gold bangles at a jewelry showroom in Mumbai...

A pair of Barbet bird sits on a tree in New Delhi on Sunday...

A pair of Barbet bird sits on a tree in New Delhi on Sunday...

People enjoying in a water park to beat the heat on a hot day in Bhopal on Sunday...

People enjoying in a water park to beat the heat on a hot day in Bhopal on Sunday...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523