Global banking giant HSBC has revealed that a further $800 million is to be set aside to service possible money laundering fines that the company faces in the US.
The bank had already set aside an initial $700 million for this when US regulators concluded that poor anti money-laundering controls had facilitated grey money laundering practices from some of its customers. The problem comes on top of an already steep payment protection mis selling provision that the company has set aside – $1.5 billion worth in fact.
Despite the seemingly grim news, the BBC says the company’s underlying profits for the last quarter had actually improved.