When it comes to money, strange bedfellows are easy to come across.  Mexican drug cartels, terrorist groups, and HSBC, for example.  The Department of Justice has been investigating claims that HSBC has been enabling money laundering by multiple dangerous groups for several years, and rather than face charges for their actions, HSBC has taken the easy way out.  HSBC’s $1.92 billion fine from the Department of Justice is a new record.  Under the terms, HSBC pays the money and no charges will be filed against the bank, assuming they stay out of trouble.

“We accept responsibility for our past mistakes,” said HSBC CEO Stuart Gulliver. “We have said we are profoundly sorry for them, and we do so again.”

When you consider some of the other record fines, from Google’s privacy violations to Toyota’s terribly-made cars, HSBC’s violations seem particularly egregious.  However, it turns out money laundering and aiding terrorists is pretty common in the banking industry.  HSBC also faces British fines over their actions.  Other banks, from Wachovia and ING to Standard Chartered have also been involved in trading money for various other rogue nations, narcotrafficers, and other general criminals.

Tags: hsbc, money laundering, hsbc money laundering fine, hsbc record fine, record fine for hsbc, department of justice, hsbc faces

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