HSBC Pays $1.9 Billion For Money Laundering

Dec. 10 (Bloomberg) -- HSBC Holdings Plc will pay at least $1.9 billion to settle U.S. probes of money laundering allegations involving Europe’s largest bank, a person familiar with the matter said, making it the largest such accord ever.

The bank, whose top executives were accused of lax oversight by a U.S. Senate subcommittee in July, has been the target of investigations run by the U.S. Department of Justice, the Treasury Department’s Office of Foreign Asset Controls, the Federal Reserve, the Office of the Comptroller of the Currency and the Manhattan District Attorney.

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Banks are the enemy.