US judge approves HSBC's $1.92 billion money laundering settlement
New York/New Delhi: A US federal judge has approved HSBC Holdings Plc's USD 1.92 billion settlement with federal and state investigators over money laundering charges, as per a news wire report.
The settlement, announced December 11, 2012, included a USD 1.256 billion forfeiture and USD 665 million in civil fines.
While noting "heavy public criticism" of the settlement, which enabled HSBC to escape criminal prosecution, U.S. District Judge John Gleeson in Brooklyn, New York, called the decision to approve the accord "easy, for it accomplishes a great deal."
As part of the settlement, HSBC agreed to tie executive bonuses to meeting compliance standards, improve the internal sharing of information, and retain a compliance monitor.
With Agency Inputs