Britain's largest bank HSBC is expected to set aside an extra $800m to cover settlements for breaching anti money-laundering rules in the US, according to reports.
The company, which has already set aside $700m to cover the scandal, is due to outline the extension in its third-quarter results on Monday, Sky News reports.
It relates to inadvertent breaches by HSBC of anti-money laundering procedures in its Mexican operations.
If the eventual settlement does reach as high as $1.5bn, it would be one of the largest punishments ever meted out to a British bank.
HSBC is understood to have held talks with US authorities over the past few months to settle the claims, which came to light following a year-long investigation by a US senate committee.
The Senate Committee on Homeland Security branded HSBC as having been "pervasively polluted for a long time" by allowing funds to be moved to and from its US branches to countries including Mexico, Syria, the Cayman Islands, Iran and Saudi Arabia.
It relates to inadvertent breaches by HSBC of anti-money laundering procedures in its Mexican operations.
If the eventual settlement does reach as high as $1.5bn, it would be one of the largest punishments ever meted out to a British bank.
HSBC is understood to have held talks with US authorities over the past few months to settle the claims, which came to light following a year-long investigation by a US senate committee.
The Senate Committee on Homeland Security branded HSBC as having been "pervasively polluted for a long time" by allowing funds to be moved to and from its US branches to countries including Mexico, Syria, the Cayman Islands, Iran and Saudi Arabia.
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