HSBC and Standard Chartered have agreed record settlements over money laundering allegations as the former agrees to pay $1.9bn to US regulators.
HSBC, which had been alleged to have helped launder money belonging to drug cartels and countries under US sanctions, will pay a total of $1.92bn to settle US investigations and anticipates making a separate settlement with the FSA "shortly". The UK-listed bank came under fire in a US Senate report in July, and subsequently set aside $1.5bn in reserves to cover any agreement with US regulators. UK peer Standard Chartered has also confirmed it has reached a final settlement with the US Office of Foreign Assets Control regarding accusations it breached US sanctions with Iran. The ba...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes