Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of 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
Brewin's Gutteridge: the opportunities in UK challenger banks

Brewin's Gutteridge: the opportunities in UK challenger banks

In this week's podcast, Brewin Dolphin's Ben Gutteridge and Guy Foster, discuss opportunities in the global financials sector with Aptus' Johnny De La Hey.

Play Charles Tan on Woodford & hidden trust income gems

Charles Tan on Woodford & hidden trust income gems

Cantor Fitzgerald investment company analyst Charles Tan discusses Woodford Patient Capital and some of the income trusts slipping under the radar.  

Brewin's Foster: the world’s most unconventional monetary policies

Brewin's Foster: the world’s most unconventional monetary policies

In this week's podcast, Guy Foster asks why the world’s biggest economies are pursuing some of the world’s most unconventional monetary policies. 

Your Business: Cover Star Club

Profile: how Close Brothers gave power back to the regions

Profile: how Close Brothers gave power back to the regions

Almost a year into the role, Close Brothers Asset Management head of wealth management Andy Cumming has highlighted three keys areas of focus

Wealth Manager on Twitter