HSBC's measures to crackdown on money laundering

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.

HSBC has reached agreement with several US authorities
HSBC has reached agreement with several US authorities Credit: Press Association

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HSBC's £1.2bn laundering fine

HSBC will pay $1.9 billion (£1.2 billion) to settle a money-laundering probe by US federal and state authorities, the largest paid in such a case. A US Senate investigation said it had been a conduit for "drug kingpins and rogue nations".