The HSBC Bank is fined by the US authorities to $ 1.5 billion

The British Bank HSBC has been undergone serious sanctions by the United States. The Bank shall be obliged to pay 1.5 billion dollars for numerous serious violations revealed in the process of investigation in the summer of the current year.

According to the results of investigation it was found out, that the Bank does not have proper control over their clients, which led to the possibility of its use in the process of legalization of the incomes received by a criminal way. In particular, the Senate declared that «because of the inefficient work of the HSBC Bank has served as a tool for money laundering of Mexican drug cartels in the period of 7 years».

In addition, the Bank cooperated with criminal groups suspected of funding the activities of the Islamists, and undertook doubtful financial operations in Saudi Arabia, Iran, Syria, Mexico and the Cayman Islands.

On the basis: https://investments.hsbc.co.uk/news/market/20474436/monday-newspaper-round-up-hsbc-bae-google

HSBC is one of the largest financial conglomerates in the world. It carries out its activities in the countries of Europe, Asia-Pacific, North and South America, the Middle East and in Africa (in 85 countries of the world). The Bank carries out all areas of banking activities, including asset management, settlement transactions, project financing, etc. Now the Bank, which occupies one of the biggest niche in the market of financial services, will be required to pay a huge fine for committing of suspicious operations and financing of the Islamists.

It would be interesting question, if it is an accident that this situation occurred precisely at a time when the British financial institutions focused increased attention. Indeed, more recently, similar sanctions were applied to the Bank Barclays. He was accused of involvement in the machinations in determining the interbank credit rates. In addition, the banks Citigroup and JPMorgan Chase are currently under investigation. In addition to the above banks some 15 major banks were drawn into the scandal.