Global bank giant HSBC will pay a record $1.9-billion dollars to settle U.S. allegations that the bank helped Mexican drug traffickers.
It is the biggest fine ever against a bank by the U.S. Government. A senate report earlier this year claimed the HSBC Mexico unit shipped $7 billion in cash to its U.S. Affiliates. That money is believed to have ties to Mexican drug cartels and banks linked to terrorism.
HSBC says it accepts responsibility for its past mistakes. But the nearly $2 billion fine isn’t going to cripple the bank, one analyst says they will earn back the amount in just 41 days.