HSBC Fined £1.2bn

HSBC has confirmed it is to pay US authorities $1.9bn (£1.2bn) in a settlement over money laundering, the largest paid in such a case.

A US Senate investigation said the UK-based bank had been a conduit for "drug kingpins and rogue nations".

Money laundering is the process of disguising the proceeds of crime so that the money cannot be linked to the wrongdoing.

HSBC admitted having poor money laundering controls and apologised.

"We accept responsibility for our past mistakes," said HSBC group chief executive Stuart Gulliver in a statement.

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