money laundering News

HSBC Holdings Plc has agreed to pay $1.92 billion to settle a multi-year U.S. criminal probe into money-laundering lapses at the British lender, the largest penalty ever paid by a bank. HSBC admitted to a breakdown of controls and apologized …

HSBC’s chief executive apologized on Monday for shameful and embarrassing mistakes made on anti-money laundering controls as the bank set aside $2 billion to cover the cost of U.S. investigations and compensate UK customers for mis-selling. Europe’s biggest bank reported …