UK banks hit with record $2.5bn in US fines

clock

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 bank wil...

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

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

FCA's Rathi addresses Autumn Budget market abuse concerns

FCA's Rathi addresses Autumn Budget market abuse concerns

Pens open letter to Treasury Committee

Isabel Baxter
clock 04 December 2025 • 2 min read
OBR 'deeply regrets' early release of Budget document

OBR 'deeply regrets' early release of Budget document

Mistaken release of Budget documents forced Richard Hughes' resignation

Linus Uhlig
clock 02 December 2025 • 3 min read
Starmer defends government's Autumn Budget amid controversy

Starmer defends government's Autumn Budget amid controversy

Claims Reeves ‘misled’ the cabinet about the ‘reality’ of OBR forecasts

Isabel Baxter
clock 01 December 2025 • 3 min read