HSBC To Settle Money Laundering Probes

Bank will pay $1.9 bln and enter a deferred prosecution agreement with U.S. Justice Department.

HSBC Holdings Plc, Europe’s largest bank, agreed to pay $1.92 billion to settle U.S. probes of money laundering in the largest such accord ever.

The settlement includes a deferred prosecution agreement with the U.S. Department of Justice, the London-based bank said in an e-mailed statement today. HSBC also said it expects to complete an undertaking with the U.K.’s Financial Services Authority soon, without giving details.

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