HSBC to Pay Major Penalty
HSBC will pay nearly two billion dollars to avoid prosecution for handling funds from Mexican drug cartels and on behalf of Iran, a country currently under international sanctions.
A law enforcement official says the bank will forfeit $1.25 billion and pay $655 million in civil penalties. The deal will allow the bank to avoid prosecution.
The $1.25 billion figure is the largest forfeiture ever in a case involving a bank.