IslamicFinance.de

HSBC will have to pay $1.9bn to US regulators after admitting its faults. The money-laundering probe of the bank focuses on the transfer of billions of dollars on behalf of nations under international sanctions such as Iran. Also, through the US financial system, money from from Mexican drug cartels was transferred. HSBC admitted its control was not strong enough and made an apology in a statement. The bank further announced that it had reached a deferred-prosecution agreement with the US Department of Justice.