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HSBC fears U.S. money laundering fines to top $1.5 billion
Posted By aaron On November 5, 2012 @ 11:07 am In Economic Crisis,Old Infowars Posts Style,Tile | Comments Disabled
Steve Slater and Matt Scuffham
November 5, 2012
A U.S. fine for anti-money laundering rule breaches could cost HSBC significantly more than $1.5 billion and is likely to lead to criminal charges, Europe’s biggest bank said on Monday.
HSBC said the U.S. investigation had damaged the bank’s reputation and forced it to set aside a further $800 million to cover a potential fine for 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.
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