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HSBC Agrees to Pay $1.9B S to Settle Money Laundering Case

Posted: Dec. 11th, 2012  |  By DailyLuxe News

Stefan Wermuth/ Reuters

A payment and an apology are the first two steps made by the beleaguered bank.

Worldwide banking giant HSBC has agreed too pay more than $1.9 billion to settle with U.S. authorities for its failure to abide by anti-money laundering and sanctions laws. NBCNews.com reports that the amount is the highest penalty ever imposed on a bank.

"We accept responsibility for our past mistakes. We have said we are profoundly sorry for them, and we do so again,” [Stuart Gulliver, chief executive of HSBC Group] said.

Read More on nbcnews.com
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