HSBC massive money laundering fine

HSBC has been fined a massive £1.2 billion by US authorities, for failing to curb money laundering activities, coming mainly from Mexican drug sales proceeeds involving US$7bn. Other areas where HSBC contravened US laws included money transferrence from North Korea and Iran.

This is the largest fine of this nature and following a US senate report, HSBC has admitted to lax controls with regards to money laundering and has reviewed and put in additional security levels to reduce their vulnerability to this type of crime.