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.
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