Press Esc to close
Saturday 25 March 2017
News updated at 9:06 PM IST

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
A delegation of FIFA U-17 Football World Cup at DY Patil Stadium in Navi Mumbai on Saturday...

A delegation of FIFA U-17 Football World Cup at DY Patil Stadium in Navi Mumbai on Saturday...

Artists Kashmir perform at fifth Rashtriya Sanskriti Mahotsav (RSM) organized by North East Zone...

Artists Kashmir perform at fifth Rashtriya Sanskriti Mahotsav (RSM) organized by North East Zone...

President Donald Trump, flanked by Health and Human Services Secretary Tom Price...

President Donald Trump, flanked by Health and Human Services Secretary Tom Price...

New Mobile Medical Unit vehicle are launched by Karnataka Health and Family Welfare Department...

New Mobile Medical Unit vehicle are launched by Karnataka Health and Family Welfare Department...

Map of India with BJP symbol- Lotus, during the Panch Parmeshwar Sammelan for the MCD elections...

Map of India with BJP symbol- Lotus, during the Panch Parmeshwar Sammelan for the MCD elections...

Bollywood actor Shilpa Shetty during the launch of Saffola breakfast cereal, in Mumbai...

Bollywood actor Shilpa Shetty during the launch of Saffola breakfast cereal, in Mumbai...

A farmer from Tamil Nadu state climbs a tree in a bid to commit suicide, but was later coaxed down..

A farmer from Tamil Nadu state climbs a tree in a bid to commit suicide, but was later coaxed down..

Union Home Minister Rajnath Singh pinning stars on the shoulders of a cadet during passing out...

Union Home Minister Rajnath Singh pinning stars on the shoulders of a cadet during passing out...

Women with their faces painted to on the eve of 60th Earth Hour in Muradabad on Saturday...

Women with their faces painted to on the eve of 60th Earth Hour in Muradabad on Saturday...

Indian cricketers pose with series trophy before the start of last test match against Australia...

Indian cricketers pose with series trophy before the start of last test match against Australia...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523