- 8 updates
David Cameron has said he believes bankers should be held personally responsible for incidents such as money-laundering.
Following the announcement that HSBC is to pay £1.2 billion in a money-laundering probe by US authorities, the Prime Minister told the House of Commons Liaison Committee:
The Associated Press is reporting the US alleges that HSBC intentionally allowed prohibited transactions with Iran, Libya, Sudan and Burma.
Unveiling the settlement, HSBC said that, in the past several years, the board had taken decisive action to direct management to "fix past shortcomings as they have come to light".
It included an increase in spending on anti-money laundering nine-fold between 2009 and 2011 and clawing back bonuses for a number of senior officers.
HSBC said it had also simplified its control structure, to allow the company to manage risks worldwide more effectively.
In a statement, HSBC group chief executive Stuart Gulliver said:
HSBC says it will pay $1.9 billion (£1.2 billion) to settle a money-laundering probe by US federal and state authorities, the Associated Press reported.
A law enforcement offical said an announcement on the settlement could happen as early as Tuesday, according to the Associated Press.
The UK-based bank allegedly helped launder money from drug cartels and on behalf of nations under international sanctions.
The bank will pay $1.25 billion dollars (£777 million) in forfeiture, the largest ever in a case involving a bank, and $655 million (£407 million) in civil penalties, the American sources said.
HSBC will pay $1.9 billion (£1.2 billion) to settle a money-laundering probe by US federal and state authorities, the Associated Press reported.