HSBC to pay record $1.9bn fine in money laundering case

11 Dec 2012 - {{hitsCtrl.values.hits}}

REUTERS: HSBC Holdings PLC has agreed to pay $1.92 billion to settle a multi-year U.S. criminal probe into money-laundering lapses at the British lender, the largest penalty ever paid by a bank.

HSBC admitted to a breakdown of controls and apologised in a statement on Tuesday announcing it had reached a deferred-prosecution agreement with the U.S. Department of Justice, as was first reported by Reuters last week.

"We accept responsibility for our past mistakes. We have said we are profoundly sorry for them, and we do so again. The HSBC of today is a fundamentally different organisation from the one that made those mistakes," said Chief Executive Stuart Gulliver.

"Over the last two years, under new senior leadership, we have been taking concrete steps to put right what went wrong and to participate actively with government authorities in bringing to light and addressing these matters."

The bank said it expected to also reach a settlement with British watchdog the Financial Services Authority.

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HSBC to pay record $1.9bn fine in money laundering case

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