HSBC fined $1.9bn for money-laundering
Bank is accused of laundering money for Mexican drug dealers and serving terrorism financiers
HSBC and Standard Chartered are between them to pay more than $2.5 billion in fines to US authorities over money-laundering allegations. HSBC is expected to announce a $1.9 billion deal today to settle accusations that it has laundered money for Mexican drug dealers and served terrorism financiers in the Middle East, says the Financial Times. The case is especially embarrassing for HSBC because City minister Stephen Green was at the helm when the offences took place. Standard Chartered agreed yesterday to pay $327 million following allegations of breaking US sanctions by trading with Iran and then misleading regulators during the investigation. Standard Chartered has already paid a $340 million fine levied by the Department of Financial Services of New York state in August over the same allegation.