HSBC has agreed to pay fines totalling $1.92 billion to US regulators after it breached anti-money laundering laws.
The major UK-based bank revealed yesterday (10 December) that its penalties with several authorities in America have now been finalized after investigations found the company failed to comply properly with these regulations.
This includes a Deferred Prosecution Agreement with the US Department of Justice and a global resolution with all other American government agencies that have analyzed the company's conduct relating to the rules.
Meanwhile, HSBC also stated it expects to reach a deal with the UK Financial Services Authority sooner rather than later, adding that under the terms of its regulatory agreements, it will take further action to improve its compliance policies.
Stuart Gulliver, group chief executive, insisted the bank is now "fundamentally different" and will not make the same mistakes again.
"We accept responsibility for our past mistakes. We have said we are profoundly sorry for them, and we do so again," he added.
By Gary Cooper
• For more on the background to the HSBC and Standard Chartered cases please read Bobsguide's earlier blog HERE.