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HSBC Says Potential AML Settlement to Reach $1.5 Billion or Higher
By Brian Monroe
printExpected criminal and civil settlements over anti-money laundering lapses will likely cost HSBC Bank USA $1.5 billion or "significantly" more, the financial institution said in a regulatory filing Monday. The estimate more than doubles the $700 million the institution set aside in July to potentially settle an ongoing investigation by the U.S. Justice Department, Federal Reserve, Office of the Comptroller of the Currency (OCC) and Financial Crimes Enforcement Network (FinCEN). In July, the Senate's Permanent Subcommittee on Investigations (PSI) also recommended regulatory action against the bank. If reached, such a settlement would be the largest ever paid by a bank...
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