HSBC is on the verge of reaching a settlement of up to $1bn (£631m) with US regulators for laundering billions of dollars for Mexican drug lords, rogue states and terrorists. A deal could be reached as early as next month according to inside sources. This could include a non-prosecution agreement, protecting the bank against criminal action. It comes after Standard Chartered reached a £217m deal with a New York regulator earlier this month over similar allegations involving Iranian clients. Despite the looming bill, HSBC said yesterday it hadn’t decided whether to claw back more bonuses from senior staff in light of the expected settlement. Those in the firing line could include former chief executive Michael Geoghegan and the former boss of the Mexican operations Sandy Flockhart.......Read more here: HSBC on verge of settling U.S. laundering claims with $1billion

AAD Blog pages catch up: HSBC joins hall of shame after revealing it is to be fined $1bn for money laundering offences - allaboutFORUMS