National News

Dec 11, 2012 3:22 AM by Associated Press

HSBC to pay $1.9B to settle money-laundering case

WASHINGTON (AP) - HSBC, the British banking giant, says it will pay $1.9 billion to settle a money-laundering probe by authorities in the United States.

The probe of the bank - Europe's largest by market value - has focused on the transfer of funds through the U.S. financial system from Mexican drug cartels and on behalf of nations like Iran that are under international sanctions.

HSBC Chief Executive Stuart Gulliver says the bank accepts responsibility for "past mistakes" and is "profoundly sorry for them."

A U.S. law enforcement official said Monday that the investigation will result in HSBC paying $1.25 billion in forfeiture and $655 million in civil penalties. The official was not authorized to speak about the matter on the record and spoke on condition of anonymity.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)



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