By David Icke
'U.S. fine for anti-money laundering rule breaches could cost HSBC significantly more than US$1.5 billion and is likely to lead to criminal charges, Europe’s biggest bank said on Monday.
HSBC said the U.S. investigation had damaged the bank’s reputation and forced it to set aside a further US$800 million to cover a potential fine for breaches in anti-money laundering controls in Mexico, adding to US$700 million put aside in July.
“It could be significantly higher,” Chief Executive Stuart Gulliver told reporters on a conference call, saying the latest provision was based on discussions with the various U.S. authorities involved in the probe.'
Read more: HSBC’s Money Laundering Fines to Top US$1.5-Billion, Criminal Charges Likely