HSBC agrees $1.9bn payout in laundering case

HSBC said today that it has agreed to pay US authorities a record 1.9bn (€1.47bn) settlement over accusations that it allowed rogue states and drug cartels to launder billions of pounds through its US arm.

The US Senate findings against HSBC, which accused the bank of ignoring warnings and breaching safeguards that should have stopped the laundering of money from Mexico, Iran and Syria, led to the resignation of head of compliance David Bagley.