Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

HSBC and StanChart to pay fines of $2.5bn

1 Comment
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.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Biotech Growth: we will ride out this storm

Biotech Growth: we will ride out this storm

Geoffrey Hsu of Biotech Growth Trust says the sell-off in biotechnology stocks represents a buying opportunity for long-term investors.

Play Picton: the UK property hotspots for rental income

Picton: the UK property hotspots for rental income

Picton Property Income CEO Michael Morris reveals how he is planning to ride the ‘ripple effect’ as UK economic growth spills out from the capital across the country.

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

This week Brewin Dolphin's head of research talks to Mike Riddell, fund manager at Allianz Global Investors, about the forces driving bonds markets in a tumultuous week for markets.

Your Business: Cover Star Club

Profile: PortfolioMetrix is on a mission to kill 'Frankenstein' systems

Profile: PortfolioMetrix is on a mission to kill 'Frankenstein' systems

In a buyers’ market for off-the-peg discretionary management, self-funded start-ups begin at an inherent disadvantage

Wealth Manager on Twitter