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HSBC and StanChart to pay fines of $2.5bn

by Alex Steger on Dec 11, 2012 at 07:41

HSBC and StanChart to pay fines of $2.5bn

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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