As US regulators turn up the heat in accusations of international banks that have allegedly laundered funds of sanctioned nations, global lender HSBC appears to be looking for a way out.
The bank is apparently in talks with the Manhattan District Attorney to reach a settlement as early as September, according to Bloomberg sources.
Standard Chartered already agreed to pay $340m to settle claims of hiding transactions.
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HSBC already set aside $700m back in July as a provision against such fines. If Europe's largest bank actually paid the entire amount it would be the largest US settlement over such accusations so far.
HSBC was trading down 1.00% at 553.50p on Friday morning.
JM
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