HSBC to Pay $1.9 Billion

Would you like that in jacksons or benjamins? HSBC will be forced to pay an astounding $1.9 billion to settle a money-laundering probe by federal and state authorities in the U.S., sources revealed Monday. The probe stemmed from the transfer of billions of dollars by HSBC on behalf of countries like Iran, which were under economic sanctions. Also involved was the transfer of money through U.S. financial systems by Mexican drug cartels. The breakdown of the settlement includes $1.25 billion in forfeiture, the largest ever in a case involving a bank, and an additional $655 million in civil penalties. HSBC was accused of violating the Bank Secrecy Act and the Trading With the Enemy Act.