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HSBC to pay $1.9bn in bank charges for money laundering penalties

HSBC has been hit with bank charges totalling $1.9 billion (£1.2 billion) for money laundering, in what is the largest every settlement paid by a bank.

A US investigation had found that the bank was guilty of disguising money tied up with "drug kingpins and rogue nations", and the firm has admitted that it has poor laundering controls.

"We accept responsibility for our past mistakes. We have said we are profoundly sorry for them, and we do so again," said Stuart Gulliver, group chief executive at HSBC.

"Over the last two years, under new senior leadership, we have been taking concrete steps to put right what went wrong and to participate actively with government authorities in bringing to light and addressing these matters."

It has now spent $290 million on improving systems to prevent money laundering.

The report from the US Senate concluded that HSBC did not view its Mexico arm as high risk, despite the rampant drug trafficking and money laundering. It also circumvented US safeguards that would have otherwise blocked transactions to criminals and rogue states. This included some 25,000 transactions with links to Iran over seven years.ADNFCR-2776-ID-801504441-ADNFCR

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