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HSBC and StanChart to pay fines of $2.5bn
by Alex Steger on Dec 11, 2012 at 07:41
The UK’s two biggest banks by market value HSBC and Standard Chartered are to pay more than $2.5 billion in fines as part of settlements with US authorities over allegations of money laundering and breaches of US sanctions, according to reports.
The Financial Times reported HSBC was set to pay $1.9 billion to settle accusations that it allowed itself to be used by money launderers in Mexico.
The paper said Standard Chartered agreed yesterday to pay $327 million to several US authorities to settle allegations it violated US sanctions law.
The sum is on top of the $340 million the bank agreed to pay in August to the New York state’s Department of Financial Services.
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iShares: Time to shatter the ETF myths
As result of industry changes - the retail distribution review - and a growing focus on cost-efficient solutions, we anticipate the number of investors using ETFs will rise significantly over the coming years.
But as with any newer product, especially in the financial world, various misconceptions about ETFs have perpetuated over the years and iShares is committed to addressing and ultimately dispelling these.