HSBC to pay record $1.9B fine in money laundering caseNEW YORK -- British banking giant
HSBC will pay $1.92 billion to settle a wide-ranging investigation by U.S. authorities into money laundering at the bank.
In a deferred prosecution agreement, confirmed by the bank Tuesday, HSBC will undergo independent monitoring for five years as it puts in place safeguards to make sure it does not again become a conduit for illicit transactions.
HSBC said the agreement, which the Dept. of Justice had yet to formally announce early Tuesday, noted the bank had "provided valuable assistance to law enforcement," providing information and employees for interviews.
"We accept responsibility for our past mistakes," Stuart Gulliver, HSBC's chief executive, said in a statement. "We have said we are profoundly sorry for them, and we do so again. The HSBC of today is a fundamentally different organization from the one that made those mistakes."
Who says money cannot help avoid criminal charges!!!!!
