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HSBC could face US criminal charges and “significant” fines

HSBC could face US criminal charges and “significant” fines over alleged money laundering, The Daily Telegraph reports.

The bank is reportedly being investigated over possible violations of the US Bank Secrecy Act.

HSBC is said that to be co-operating with another investigation by the Department of Justice and the Office of Foreign Asset Control “regarding historical transactions involving Iranian parties and other parties subject to OFAC sanctions”.

The Telegraph reports that in an annual filing with the Securities and Exchange Commission, HSBC said that “it is likely there will be some form of formal enforcement action which may be criminal or civil in nature in respect of some or all of the ongoing investigations”.

The bank added that fines and penalties stemming from the investigations could be “significant”.


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