HSBC, a leading British multinational banking and financial services company, announced its agreement with United States authorities to pay them almost $2 billion, as settlement payment in relation to investigations concerning its inadequate compliance with anti-money laundering and sanctions laws.
According to the press release by HSBC on its official website today, Tuesday, December 11, 2012, their company will pay for a total of $1.92 billion, including a Deferred Prosecution Agreement (DPA) with the US Department of Justice, which is now being dubbed as the largest amount of penalty ever paid by a bank.
Read Full Story: HSBC settlement: British bank to pay nearly $2 billion fine to US authorities over money-laundering case