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HSBC to Pay $1.9 Billion Fine for Money Laundering

HSBC has agreed to pay a record $1.92 billion fine to settle a multi-year probe by U.S. prosecutors, who accused Europe's biggest bank of failing to enforce rules designed to prevent the laundering of criminal cash.

HSBC Holdings Plc admitted to a breakdown of controls and apologised in a statement on Tuesday announcing it had reached a deferred-prosecution agreement with the U.S. Department of Justice, as first reported by Reuters last week.

Source: Reuters. Read full article. (link)

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