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

Published on: December 10, 2012 05:40 PM
By: AP
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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.


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.

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Read Comments (1)  —  Post Yours »


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

This is one bank that deswerves this fine!


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