HSBC said today that a US investigation into the bank over charges of money laundering could cost over $1.5 billion in fines and has already meant a loss in business. The bank, Europe’s biggest, has reported a sharp reduction in profits after setting aside $1.5 billion to pay fines to US regulators following accusations it had handled money that derived from Mexican drug cartels and rogue nations such as Iran and Sudan. It also may face criminal charges. With many of HSBC’s rivals also being set upon by US regulators, British banks’ reputations are suffering.
HSBC could face over $1.5 billion in US fines and criminal charges over money laundering
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