HSBC money laundering fine could hit $1.5bn

Nov 5, 2012

HSBC money-laundering breach in Mexico means another $800m to be allocated to potential penalties in 3rd quarter results

HSBC will announce tomorrow the true cost of the money laundering scandal revealed earlier this year. Sky News reports that HSBC expects the eventual fine by US authorities to be as much as $1.5bn (£935m). The revised estimate means HSBC will allocate a further $800m (£500m) to potential penalties in its third quarter results. That is on top of a $700m (£437m) hit to its half-year results in July. HSBC is accused of inadvertent breaches of anti-money laundering procedures in its Mexican operations.

Sign up for our daily newsletter