U.S. hits U.K. banks with more than $2B in fines

Dec 11, 2012, 7:13 AM EST
People ride an escalator inside the headquarters ofHSBC in Hong Kong on September 26, 2008.
AFP/Getty Images/MIKE CLARKE

HSBC agreed to pay $1.92 billion to settle charges it allowed itself to be used by money launderers in Mexico and terrorist financiers in the Middle East while Standard Chartered agreed to pay U.S. federal authorities an additional $327 million on top of $340 million agreed in August with New York state regulators in settlement of charges it broke U.S. sanctions against Iran. The settlement with HSBC is the largest penalty imposed on a bank. It followed a scathing U.S. report on the breakdown of its internal controls.

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