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HSBC to pay $100 million to settle U.S. probe into currency rigging
Source: Reuters
#BUSINESS NEWS JANUARY 18, 2018 / 5:10 PM / UPDATED 14 MINUTES AGO
HSBC to pay $100 million to settle U.S. probe into currency rigging
Jonathan Stempel, Sangameswaran S
3 MIN READ
(Reuters) - HSBC Holdings Plc (HSBA.L) on Thursday agreed to pay $101.5 million to settle a U.S. criminal probe into the rigging of currency transactions, which has already led the conviction of one of its former bankers.
The payment includes a $63.1 million fine plus $38.4 million in restitution to a corporate client, according to a deferred prosecution agreement filed on Thursday with the U.S. District Court in Brooklyn, New York.
In the settlement with the U.S. Department of Justice, HSBC also agreed to bolster its internal controls, and admitted and accepted responsibility for wrongdoing underlying two criminal wire fraud charges filed on Thursday against the bank, according to the agreement.
Deferred prosecution agreements let companies avoid criminal charges so long as they comply with the terms.
-snip-
HSBC to pay $100 million to settle U.S. probe into currency rigging
Jonathan Stempel, Sangameswaran S
3 MIN READ
(Reuters) - HSBC Holdings Plc (HSBA.L) on Thursday agreed to pay $101.5 million to settle a U.S. criminal probe into the rigging of currency transactions, which has already led the conviction of one of its former bankers.
The payment includes a $63.1 million fine plus $38.4 million in restitution to a corporate client, according to a deferred prosecution agreement filed on Thursday with the U.S. District Court in Brooklyn, New York.
In the settlement with the U.S. Department of Justice, HSBC also agreed to bolster its internal controls, and admitted and accepted responsibility for wrongdoing underlying two criminal wire fraud charges filed on Thursday against the bank, according to the agreement.
Deferred prosecution agreements let companies avoid criminal charges so long as they comply with the terms.
-snip-
Read more: https://www.reuters.com/article/us-hsbc-settlement/hsbc-to-pay-100-million-to-settle-u-s-probe-into-currency-rigging-idUSKBN1F7365
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