HSBC Earmarks $1.5B For Money Laundering Fallout

Law360, New York (November 5, 2012, 12:47 PM EST) -- HSBC Holdings PLC has reserved $1.5 billion to cover possible fines from an ongoing money laundering investigation, the British banking giant said Monday, adding that it would likely face civil and criminal charges in the U.S. as the scandal unfolds.

HSBC announced in its third quarter earnings report that it had set aside an additional $800 million to resolve the probe, on top of $700 million it reserved in July. Federal regulators are investigating whether the bank allowed Mexican drug cartels and groups with terrorist ties...
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