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HSBC Fears U.S. Money Laundering Fines To Top $1.5 Billion

Monday, November 5, 2012 - 2:38 PMHSBC
LONDON (Reuters) – 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 fears U.S. money laundering fines to top $1.5 billion : The Fiscal Times
2
ShorebreakShorebreak2,608 posts since
Apr 6, 2010
Rep Points: 14,135
1. Monday, November 5, 2012 - 3:56 PM
From the article: 
The London-based bank has said the issue was "shameful and embarrassing" after a report by Congress’ Permanent Subcommittee on Investigations criticized a "pervasively polluted" culture and said HSBC’s Mexican operations had moved $7 billion into its U.S. operations between 2007 and 2008. Volume that large suggested it included illegal narcotics proceeds, the report said.

 

I suspect what really shames and embarrasses HSBC is that the bank got caught.
4
pearlbrownpearlbrown1,431 posts since
Nov 2, 2010
Rep Points: 6,249
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