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11Dec12

HSBC says it will pay $1.9 billion fine in money laundering case

HSBC (HSBA.L) (0005.HK) said on Tuesday it will pay a fine of $1.92 billion in a deferred prosecution agreement with the U.S. Department of Justice over the London-based bank's inadequate compliance with anti-money laundering laws.

"We accept responsibility for our past mistakes. We have said we are profoundly sorry for them, and we do so again," said Chief Executive Stuart Gulliver in a statement.

[Source: Reuters, Hong Kong, 11Dec12]
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