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Money laundering

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On the 11th of December, HSBC Holdings PLC informed that it decided to pay approximately 1.9 billion in settlement with U.S. regulatory authorities to end a long and embarrassing American criminal probe into money laundering allegations against the Europe’s biggest bank. The amicable settlement, which is to be paid by HSBC Holdings PLC , will be the largest fine paid by a bank in the history.

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U.K-based bank Standard Chartered Plc. may lose its license to do business in the New York State. The New York State Department of Financial Services (DFS), a New York’s top banking regulator, accused bank of illegally handling at least $250 billion in transactions with Iranian institutions. Standard Chartered Plc. was called a “rough institution”, which violated U.S. laws. Bank is said to have hidden $250 billion in over seven years and violated federal money laundering laws.

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