The bank’s agreed to cough up $327 million to resolve allegations that it violated sanctions over Iran after the US justice department and NY DA’s office accused the bank of moving money through the US financial system on behalf of sanctioned countries such as Iran, Sudan, Libya and Burma
Both agencies agreed to defer and drop the charges if the bank improved its sanctions compliance and paid $227 million.
(UK Times)
Obviously were into the ‘fining’ season ….as the news comes just as HSBC is also expected to agree to pay a whopping $1.9bln over its part in US money laundering probe by the Fed and other state authorities in connection with Iran and North Korea, including transfers from Mexican drug cartels through the US financial system.
The amount comprises of around $1.25 bln in forfeiture and $655 mln in civil penalties.
More.... Daily Mail
