HSBC in Settlement Talks With U.S. Over Money Laundering

HSBC in Settlement Talks With U.S. Over Money Laundering

HSBC Holdings Plc (HSBA), which is under investigation by U.S. regulators for laundering funds of sanctioned nations including Iran and Sudan, is in talks to settle the matter, two people with knowledge of the case said.

The bank, Europe’s largest by market value, made a $700 million provision in July for any U.S. fines after a Senate Committee found it had given terrorists and drug cartels access to the U.S. financial system. That sum might increase, Chief Executive Officer Stuart Gulliver has said.

An HSBC settlement regulators and the Manhattan District Attorney were aiming to conclude as early as September may have been slowed when New York’s banking superintendent accused Standard Chartered of laundering $250 billion for Iran. Regulators had been talking with both banks about universal accords when Benjamin Lawsky on Aug. 6 threatened to revoke Standard Chartered’s license. Deals with the London-based banks next month are still possible, said the people, who asked not to be identified because the investigations are confidential.

“This is an epidemic of banks willfully, consistently violating economic sanctions,” Jimmy Gurule, a former undersecretary for enforcement at the U.S. Treasury, said of sanctioned-nation money laundering. “It calls for more serious sanctions than a monetary fine for an individual bank that does nothing more than harm shareholders.”

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6 Responses to “HSBC in Settlement Talks With U.S. Over Money Laundering”
  1. charley rice says:


  2. Herman Vergara says:

    It’s an outrage HSBC Bank USA hasn’t had its U.S. banking licenses revoked for money laundering.
    Bank crime shouldn’t pay.
    (Please, sign the PETITION to The White House, about revoking HSBC Bank USA banking licenses).

  3. SEK says:

    Oh sure!! They at least get “settlement talks” – what about all of us who have been through hell with for years to negotiate keeping our homes and have some peace of mind with our mortgage?? It’s all so one sided with them!!!! They are arrogant, obnoxious, greedy liars!! I am going to lose my house of 35 years because they won’t even listen to my reasons for hardship that I’ve been telling them. They are nasty on the phone and inevitably hang up blaming it all us. What are THEY are going to do for for the homeowners???? They are bastards and crooks!!! All we want is to live in our homes and negotiate a plan that works for both of us. If I had the money I would sue them! This is outrageous how they have handled all of this and yet, in the end they are the ones who get the “settlement talks” with a little slap on the wrist???? It makes me sick. Yes, I am bitter – VERY bitter!!! Homeowners work hard their money and look who gets the breaks!!!!!!!! I knew this was going to happen. Like the movie “TO BIG TO FAIL!”

    • Herman Vergara says:

      We, the people, can let these crooks get way with robbery.

    • Judy says:

      i hear you!! our situation is exactly like yours. been in our home for 34 years never been late on the mortgage. they are rude and do not care. we are underwater and they will not work with you for nothing. HSBC told hud to hang up on a 3 way call. now hud cannot call back because of it. we are in our fifties and our retirement home is no more. hsbc are the all time crooked liars. they told us numerous lies and if you can’t afford an attorney to fight them your screwed! no help from hamp, hud or hope, yes, no hope with hsbc. they should be ran out of the US for all their criminal acts. they can help the terrorists and drug cartels because they have money. thats all that they are about, money and more money. making home affordable is the biggest joke. all you hear is help for freddie mac, fannie mae, the 5 largest banks, but nothing on the money laundering, drug money suppliers, libor cheaters HSBC. settlement talks! what talk. as long as they have the big money to buy their way out of criminal activity then that makes it ok..the Attorney General and all other high up officials who are supposedly talking with HSBC have got to force them to work with all US underwater mortgages and stop allowing them to foreclose just because we are stuck in a freaking mortgage we cannot get out of because of the mess these crooked bankers caused in the first place. i wish i knew how to round up every american who is stuck with these no good servicers HSBC and show them how it feels to be degraded the way they have degraded all of us.

      • The key to this is educate yourselves and go after them with knowledge and the time spent will bear fruit. Do this with a venegence and due dilligence. The media is the best place to get started and in addition some education programs are also available. Don’t just sit and take the abuse and take charge of your life. you will be amased at the results in a positive way. Teach your self the law and terminilogy to gain the knowlege to proceed. learn and educate. Robert Wade homeowner unencumbered by a mortgage.

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