Official announcement expected on HSBC settlement

HSBC will pay $1.9 billion (£1.2 billion) to settle a money-laundering probe by US federal and state authorities, according to reports. Credit: PA Wire

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.

HSBC previously admitted having poor money laundering controls following a US Senate investigation.

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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".