HSBC Holdings PLC has agreed to pay $1.9 billion to settle a U.S. case alleging that the British bank allowed terrorists and drug traffickers to use its branches to move money, U.S. media reports said late Monday.
The deferred prosecution agreement would be announced Tuesday, the Bloomberg financial news agency and The Wall Street Journal reported, citing sources familiar with the settlement.
A bank spokesman refused to comment.
HSBC branches allegedly allowed improper financial transfers from countries that included Mexico, Iran and Saudi Arabia by clients linked to transnational crime, including terrorism and drug smuggling.
During US congressional hearings during the summer, bank executives acknowledged lacking controls to prevent money laundering.
Hispanic #1 Breaking News for Entrepreneurs, Professionals and Small Business Owners - HispanicBusiness.com
SEPTEMBER 22, 2014
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