HSBC to pay $101.5m to settle US probe

by Dramelin 3:30 AM 0 comments

HSBC has agreed to pay $101.
7m) to settle a US criminal investigation into rigged currency transactions.
The bank has admitted its traders twice misused confidential information provided to them by clients for its own profit.
HSBC, which is Europe`s biggest bank, saw one of its former bankers convicted last year in connection with the probe.
A US jury found Mark Johnson guilty of defrauding client Cairn Energy in a 2011 currency trade.
Compliance promise The HSBC settlement is made up of a $63.
1m criminal penalty and $38.
4m in restitution to an unnamed corporate client.
Separately it had already settled with Cairn Energy for approximately $8m.
As part of the US deal, HSBC has entered into a three-year deferred prosecution agreement (DPA) with the US Department of Justice.
The DPA, which would allow HSBC to avoid criminal charges, is pending a review by a US court.
The bank said it had agreed to boost its compliance programme and internal controls, as well as to cooperate fully with regulatory and law enforcement authorities.
Ex-HSBC banker found guilty of fraud HSBC to pay €300m to settle tax probe HSBC `ignored money laundering warning` HSBC `helped clients dodge tax` It is not the first time HSBC has been in trouble with US authorities.
In September, the US Federal Reserve fined HSBC $175m in over "unsound" practices in its foreign exchange business.
And in November, the banking giant agreed to pay €300m ($353m; £266m) to French authorities to settle a long-running investigation into tax evasion by French clients.
The French financial prosecutor`s office claimed HSBC`s Swiss private banking unit helped clients evade tax.