From Bloomberg: HSBC Holdings Plc, which is under investigation by
U.S. regulators for laundering funds of sanctioned nations including Iran and
Sudan, is in talks to settle the matter, two people with knowledge of the case
said. The bank, Europe’s largest by market value, made a $700 million provision
in July for any U.S. fines after a Senate Committee found it had given
terrorists and drug cartels access to the U.S. financial system. That sum might
increase, Chief Executive Officer Stuart Gulliver has said.
An HSBC settlement regulators and the Manhattan District
Attorney were aiming to conclude as early as September may have been slowed
when New York’s banking superintendent accused Standard Chartered of laundering
$250 billion for Iran. Regulators had been talking with both banks about
universal accords when Benjamin Lawsky on Aug. 6 threatened to revoke Standard
Chartered’s license. Deals with the London-based banks next month are still
possible, said the people, who asked not to be identified because the
investigations are confidential….
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