HSBC Sets Aside $2B For Money Laundering, Sales Woes

Law360, New York (July 30, 2012, 3:57 PM EDT) -- HSBC Holdings PLC said Monday that it has set aside $2 billion to deal with its legal troubles, including $700 million to cover expected fines by U.S. authorities over the bank's failure to prevent money laundering by Mexican drug cartels and customers with ties to Iran.

The banking giant said that it expected to be fined and penalized by U.S. regulators for its non-compliance with federal anti-money laundering regulations, the Bank Secrecy Act and sanctions issued by the U.S. Treasury Department's Office of Foreign Assets Control....
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.