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HSBC’s AML Penalty Likely to Approach $1 Billion: Sources
By Brian Monroe
printHSBC Holdings Plc could pay as much as $1 billion for Bank Secrecy Act and U.S. sanctions violations, an amount that would overshadow previous fines for similar infractions, say sources. The potential penalty against the bank, for undisclosed anti-money laundering (AML) and sanctions compliance issues, would be twice as high as the $500 million fine U.S. Justice Department officials considered in August, according to interviews with multiple individuals with knowledge of the negotiations. The $1 billion figure is "in the realm of what is being discussed" currently, though may be lowered depending on how government officials and regulators ultimately weigh...
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