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December 10, 2012
18:52 • 5 months ago

HSBC pays huge fine over money-laundering allegations

Tags: hsbc money laundering es money laundering hsbc drug cartels numbers

  • $1.9B the amount UK-based banking conglomerate HSBC will pay American authorities for their role in a money-laundering scheme, the BBC reports. The bank allegedly assisted drug cartels and countries under sanction launder money. $1.25 billion of the total is money that the company will forfeit — a record — while the rest will be a fine paid to the U.S. government. source

January 25, 2012
10:14 • 1 year ago
Tags: banking banks hsbc hsbc investigation international banks money laundering senate senate investigation
HSBC faces money-laundering investigation in Senate A big company with big problems: Reuters is reporting that HSBC is facing some tough allegations in the Senate, with the company reportedly getting investigated for its role in sketchy money-laundering practices. Reuters reports that while the scale of the investigation isn’t known, signs point to breakdowns in the company’s anti-money-laundering systems. In response to the Senate allegations, the company’s spokesman responded: ”We have ongoing discussions with officials on a number of regulatory and compliance matters. The nature of these discussions is confidential; in all cases, we are cooperating.” Read more at the link. (awesome, incredibly fitting photo by Flickr user Will Survive) source Follow ShortFormBlog

HSBC faces money-laundering investigation in Senate

A big company with big problems: Reuters is reporting that HSBC is facing some tough allegations in the Senate, with the company reportedly getting investigated for its role in sketchy money-laundering practices. Reuters reports that while the scale of the investigation isn’t known, signs point to breakdowns in the company’s anti-money-laundering systems. In response to the Senate allegations, the company’s spokesman responded: ”We have ongoing discussions with officials on a number of regulatory and compliance matters. The nature of these discussions is confidential; in all cases, we are cooperating.” Read more at the link. (awesome, incredibly fitting photo by Flickr user Will Survive) source

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