HSBC agrees $1.9bn US penalties

[Jimbuna]

The heaviest penalty imposed yet but will it act as a deterrent to others in the future?

HSBC has confirmed it is to pay US authorities $1.9bn (£1.2bn) in a settlement over money laundering, the largest paid in such a case.
A US Senate investigation said the UK-based bank had been a conduit for "drug kingpins and rogue nations".
Money laundering is the process of disguising the proceeds of crime so that the money cannot be linked to the wrongdoing.
HSBC admitted having poor money laundering controls and apologised.

http://www.bbc.co.uk/news/business-20673466