The U.S. Justice Department’s stepped up anti-money laundering enforcement against big banks has picked up even more steam this week, and reportedly will be capped by a $1.9 billion settlement feds have reached with HSBC on money laundering charges over dealings with Iran and Mexican drug cartels.
State and federal prosecutors announced on December 10 a $327 million deal with Standard Chartered Bank over transactions with countries subject to U.S. sanctions. And as early as December 11, another much larger deal could be announced between federal and state authorities and HSBC, according to published reports. DOJ officials and a spokesman for the bank declined to comment on reports of the reportedly agreed-upon $1.9 billion HSBC fine.
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