The US said “dangerous practices” at HSBC allowed the bank to pass money to “drug kingpins and rogue nations”, as it fined it 1.9 billion dollars. HSBC agreed the fine, the largest of its kind, earlier on Tuesday.
HSBC has put aside 2 billion dollars to cover potential mis-selling claims and money-laundering fines as it announces a sharp rise in first-half profits.
Mexico's banking regulator on Tuesday defended its role in a money laundering scandal engulfing HSBC Holdings Plc, saying it had repeatedly told the bank to improve lax controls over suspect funds passing through its accounts.
The CEO of the U.S. division of the big international bank HSBC is apologizing for lax controls that lawmakers say allowed Mexican drug cartels to launder billions of dollars through the US operation and many other illicit transactions for years.