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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
Reuters [1]
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.

Full article here [1]


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URLs in this post:

[1] Reuters: http://www.reuters.com/article/2012/11/05/us-hsbc-earnings-idUSBRE8A400920121105

[2] 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

[3] 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

[4] 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

[5] 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

[6] 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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