Banking Fraud

HSBC Could Be Facing More than $1.5 Billion in Money Laundering Fines

 

Cryptogon,

November 5th, 2012

Via: Reuters:

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.