Welcome, Guest! - or
Easy to remember!  »  VinNews.com

Washington - HSBC to Pay $1.9B to Settle Money-Laundering Probe

Published on: December 10, 2012 05:40 PM
By: AP
Change text size Text Size  
Bookmark and Share
Vincent Yu / The Associated PressVincent Yu / The Associated Press

Washington - A law enforcement official says HSBC will pay $1.9 billion to settle a money-laundering probe by federal and state authorities into Europe’s biggest bank.

Advertisement:

According to the official, the bank 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 case involving a bank. Under what is known as a deferred prosecution agreement, the bank will be accused of violating the Bank Secrecy Act and the Trading With the Enemy Act.

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

The London-based bank says it is cooperating with investigations but that those discussions are confidential.


More of today's headlines

Bnei Brak - The haredi daily newspaper Yated Neeman reported on Monday that Rabbi Aharon Leib Shteinman, the most senior rabbi in the haredi world, has called on yeshiva... Bolivia - It is an unlikely tale: Orthodox Jew from New York City comes to Bolivia to rescue a rice-growing venture, gets thrown in jail on suspicion of money laundering...

 

Total1

Read Comments (1)  —  Post Yours »

1

 Dec 10, 2012 at 05:48 PM Anonymous Says:

This is one bank that deswerves this fine!

2

Sign-in to post a comment

Scroll Up
Advertisements:

Sell your scrap gold and broken jewelry and earn hard cash sell gold today!