HSBC to pay £1.2billion over money laundering claims

THE HSBC bank has agreed to pay American authorities a record £1.2billion settlement over accusations it allowed rogue states and drug cartels to launder billions of pounds through its US division.

Loading Comments
Share
Print

The US Senate findings against HSBC, which accused the bank of ignoring warnings and breaching safeguards that should have stopped the laundering of money from Mexico, Iran and Syria, led to the resignation of David Bagley, the bank's head of compliance.

The lender reached agreement with several US authorities, including the Department Of Justice, and expects to soon finalise a deal with the Financial Services Authority.

HSBC group chief executive Stuart Gulliver said: "We accept responsibility for our past mistakes. We have said we are profoundly sorry for them, and we do so again."

HSBC said the board had taken decisive action to direct management to "fix past shortcomings as they have come to light".

The settlement comes after fellow British bank Standard Chartered said it would pay a further £203million to settle allegations it breached sanctions with Iran.

The bank has already paid £211m to New York's Department Of Financial Services. It was accused by regulators in August of exposing America to terrorists and drug kingpins by hiding £160bn of transactions with Tehran.

Finance

Commenting & Moderation

We moderate all comments on Evening Times on either a pre-moderated or post-moderated basis. If you're a relatively new user then your comments will be reviewed before publication and if we know you well and trust you then your comments will be subject to moderation only if other users or the moderators believe you've broken the rules

Moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours. Please be patient if your posts are not approved instantly.

109667

Have you got a story?

Contact the news desk on 0141 302 6520 or email news@eveningtimes.co.uk
Janice Bell

Janice Bell

You Couldn't Make This Up

The art of keeping fit with breakfast in bed

Times Out

Entertainment

Lifestyle

TV Advert
Cat’s Eyes on Glasgow

Cat’s Eyes on Glasgow

Cat Cubie’s job is to find and share with you the fabulous things the city has to offer, from gigs to gastro.

Games news:

Sussed in the city

Michelle McManus

Why I'm ruled out of the One Hit Wonder gang

Gail’s Gab

Gail’s Gab

Gail Sheridan is a mother-of-one and wife to Tommy and she likes to get political with the hot topic of the week in her column Gail’s Gab.