Reuters reports that a U.S. fine for anti-money laundering
rule breaches could cost HSBC , Europe’s biggest bank, significantly more than
$1.5 billion and is likely to lead to criminal charges..
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.
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. A U.S. Senate report in
July criticized HSBC for letting clients shift potentially illicit funds from
countries such as Mexico, Iran, the Cayman Islands, Saudi Arabia and Syria…..
Read all about it at http://www.reuters.com/article/2012/11/05/us-hsbc-earnings-idUSBRE8A400920121105
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