Source: HSBC to pay $1.9 bil­lion in probe

Austin American-Statesman - - BUSINESS -

HSBC, the Bri­tish bank­ing gi­ant, will pay $1.9 bil­lion to set­tle a money-laun­der­ing probe by fed­eral and state au­thor­i­ties in the United States, a law en­force­ment of­fi­cial said Mon­day.

The probe of the bank — Europe’s largest by mar­ket value — has fo­cused on the trans­fer of bil­lions of dol­lars on be­half of na­tions in­clud­ing Iran, which are un­der in­ter­na­tional sanc­tions, and the trans­fer of money through the U.S. fi­nan­cial sys­tem from Mex­i­can drug car­tels.

Ac­cord­ing to the of­fi­cial, HSBC will pay $1.25 bil­lion in for­fei­ture and pay $655 mil­lion in civil penal­ties. The $1.25 bil­lion fig­ure is the largest for­fei­ture ever in a bank case.

The of­fi­cial spoke on con­di­tion of anonymity be­cause the source was not au­tho­rized to speak on the record.

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