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HSBC To Pay $1.9 Billion To Resolve Allegations The Bank Ignored Possible Money Laundering

    Home Business Law HSBC To Pay $1.9 Billion To Resolve Allegations The Bank Ignored Possible Money Laundering
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    HSBC To Pay $1.9 Billion To Resolve Allegations The Bank Ignored Possible Money Laundering

    By joncoats | Business Law, Commercial Law, Corporate Law, Mortgages, Real Estate Law, Uncategorized | Comments are Closed | 10 December, 2012 | 1

    By Mark Gongloff | huffingtonpost.com

    “This may be the world’s largest wrist slap.

    British banking giant HSBC, Europe’s biggest bank, is set to pay $1.9 billion to settle accusations that it didn’t do enough to stop money laundering in its branches, the Wall Street Journal reported on Monday. According to the WSJ, the U.S. government could announce the deal as soon as Tuesday.

    HSBC’s fine would shatter records for criminal and civil penalties paid by a bank, according to the WSJ. But it would not be more than investors had already expected. The bank on November 5 said it was setting aside $1.5 billion to cover potential penalties and warned it might have to pay a “significantly higher” amount. Reuters reported last week that the bank would likely soon settle for $1.8 billion.

    Investors may well cheer the actual number. HSBC stock, which fell slightly on Monday in London trading, has gained 4 percent since the bank’s November 5 warning.

    What’s more, HSBC will enter a deferred-prosecution agreement, the WSJ reports, which is essentially probation: The company will admit to violating the Bank Secrecy Act and the Trading with the Enemy Act. It will get a stern warning and promise to clean up its act.

    Such a deal would make a “mockery of the criminal justice system,” former Treasury Department official Jimmy Gurule, now a University of Notre Dame law-school professor, told Reuters last week.

    As for the penalty, it will amount to a little more than half of the $3.5 billion in pre-tax profits the bank earned in the third quarter of 2012. The bank earned $16.8 billion in net income in 2011.”

    Find the full article here…

    Bank Secrecy Act and the Trading with the Enemy Act, Defense of homeowners and real estate investors in foreclosure actions, deferred-prosecution agreement, delinquent on mortgage help, facing foreclosure of your rental property, foreclosure law info, help with foreclosure process, HSBC To Pay $1.9 Billion To Resolve Allegations The Bank Ignored Possible Money Laundering: Report, huffingtonpost.com, jon coats law, jon coats pinellas real estate law, real estate litigation pinellas florida

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