The US authorities have reportedly slapped a fine of whopping US$ 1.9billion to British banking giant "The Hongkong and Shanghai Banking Corporation (HSBC)" in a probing case of settling money laundering allegations.
According to media reports, the fines relate to an investigation of HSBC's US and Mexican operations that found the bank had allegedly ignored warnings that billions of dollars of funds being moved between the two subsidiaries were linked to drug trafficking.
The figure tops the 1.5 billion dollars that the bank set aside last month to cover its costs relating to the allegations.
A Senate committee described the bank as 'pervasively polluted for a long time,' the paper said.
It highlighted what it said were lax controls and inadequate compliance by staff as the bank was accused of handling transactions involving terrorists, drug lords and rogue regimes, the report added.
--With ANI Inputs--
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