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HSBC fears U.S. money laundering fines to top $1.5 billion
Posted By admin On November 5, 2012 @ 11:19 am In Prison Planet | Comments Disabled
Steve Slater and Matt Scuffham
Nov 5, 2012
A U.S. fine for anti-money laundering rule breaches could cost HSBC significantly more than $1.5 billion and is likely to lead to criminal charges, Europe’s biggest bank said on Monday.
HSBC said the U.S. investigation had damaged the bank’s reputation and forced it to set aside a further $800 million to cover a potential fine for breaches in anti-money laundering controls in Mexico, adding to $700 million put aside in July.
“It could be significantly higher,” Chief Executive Stuart Gulliver told reporters on a conference call, saying the latest provision was based on discussions with the various U.S. authorities involved in the probe.
The timing of any settlement is in the hands of regulators and is likely to involve the filing of corporate criminal and civil charges, the bank said.
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URLs in this post:
 Reuters: http://www.reuters.com/article/2012/11/05/us-hsbc-earnings-idUSBRE8A400920121105
 HSBC wins OK of record $1.92 billion money-laundering settlement: http://www.prisonplanet.com/hsbc-wins-ok-of-record-1-92-billion-money-laundering-settlement.html
 Banking giant HSBC to pay £1.2bn to settle U.S. probe into money-laundering for Mexican drug cartels: http://www.prisonplanet.com/banking-giant-hsbc-to-pay-1-2bn-to-settle-u-s-probe-into-money-laundering-for-mexican-drug-cartels.html
 HSBC accused of helping British drugs and arms dealers launder money by opening thousands of bank accounts in Jersey: http://www.prisonplanet.com/hsbc-accused-of-helping-british-drugs-and-arms-dealers-launder-money-by-opening-thousands-of-bank-accounts-in-jersey.html
 HSBC Under Investigation for Laundering Billions! Dr. Jerome Corsi Reports: http://www.prisonplanet.com/hsbc-under-investigation-for-laundering-billions-dr-jerome-corsi-reports.html
 Vatican bank chief investigated over money laundering claims: http://www.prisonplanet.com/vatican-bank-chief-investigated-over-money-laundering-claims.html
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