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Expected HSBC AML Fine Could Be Largest Ever: Sources
By Brian Monroe
printThe U.S. Justice Department is seeking to fine HSBC USA as much as $500 million for anti-money laundering compliance problems, an amount that would be the largest-ever penalty for such violations, say individuals familiar with the investigation. Department officials have floated the dollar amount, in part, because they believe HSBC's violations outstrip those of Wachovia Bank, which paid $160 million in March for its risky ties to Mexican foreign currency exchange houses, according to a person familiar with the matter who has read documents tied to the case. The potential Justice Department fine, first disclosed by HSBC in an August...
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