An historic settlement with HSBC Bank has led to nearly $2 billion in forfeitures and penalties.
Authorities said it's one of the largest settlements of a criminal case in the history of the American justice system, and they said federal prosecutors and agents from Northern West Virginia played a key role in the investigation.
HSBC Holdings, PLC a United Kingdom corporation headquartered in London, and HSBC Bank USA N.A., a federally chartered banking corporation headquartered in McLean, Va. have agreed to forfeit $1.256 billion.
Authorities said the HSBC banks also will pay civil penalties totaling $1.92 billion.
The four count felony criminal information was filed against HSBC in federal court in the Eastern District of New York by Northern West Virginia U.S. Attorney William Ihlenfeld, Brooklyn U.S. Attorney Loretta Lynch and Jaikumar Ramaswamy, the head of the Asset Forfeiture and Money Laundering section of the Department of Justice.
The information filed charges HSBC with willfully failing to maintain an effective anti-money laundering program.