< >

 

HSBC Fears Criminal Charges For Rule Breaches


A U.S. fine for anti-money laundering rule breaches could cost HSBC significantly more than $1.5 billion (£939 million) and is likely to lead to criminal charges, Europe’s biggest bank said on Monday.

HSBC said the U.S. investigation had caused “considerable reputational damage” and had forced it to set aside a further $800 million to cover a potential fine to cover breaches in anti-money laundering controls in Mexico, adding to $700 million put aside in July.

“It could be significantly higher,” Chief Executive Stuart Gulliver told reporters on a conference call, saying the latest provision was based on discussions with the various U.S. authorities involved in the probe.

The timing of any settlement is in the hands of regulators.

Source: Reuters

Read more


 

Follow Us for Live Updates


Please Share Us Now!