CNN-

In a historic fine, HSBC will pay out a record $1.92 billion to U.S. authorities to settle money laundering accusations — activities which have allegedly occurred with drug cartels in Mexico and terror-linked groups in Saudi Arabia. U.S. authorities declared HSBC, the UK’s biggest bank by market capitalization, in breach of a series of U.S. laws, including the Trading with the Enemy Act.

“We accept responsibility for our past mistakes. We have said we are profoundly sorry for them, and we do so again. The HSBC of today is a fundamentally different organization from the one that made those mistakes,” HSBC Group CEO Stuart Gulliver, said in a statement.

On Monday, Standard Chartered, the UK’s second largest bank by market value, agreed to pay $327 million to settle U.S. Treasury Department charges of violating sanctions on transactions with Iran, Burma, Libya and Sudan between 2001 and 2007. In August Standard Chartered paid $340 million to the state of New York’s Department of Financial Services to settle civil charges alleging it had concealed $250 billion in illegal transactions with Iran.

[CNN]

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