Europe's biggest bank HSBC on Tuesday said that it will pay a record $1.92 billion to settle allegations resulting from a wide international money-laundering probe by U.S. federal and state authorities.
HSBC Holdings admitted to a breakdown of controls and apologised in a statement on Tuesday announcing it had reached a deferred-prosecution agreement with the US Department of Justice
"We accept responsibility for our past mistakes. We have said we are profoundly sorry for them, and we do so again," said HSBC Group Chief Executive Stuart Gulliver in a statement released early Tuesday.
"The HSBC of today is a fundamentally different organisation from the one that made those mistakes. Over the last two years, under new senior leadership, we have been taking concrete steps to put right what went wrong and to participate actively with government authorities in bringing to light and addressing these matters."
The British banking giant´s money laundering compliance department, which included employees in India, was highly inadequately staffed, a year-long probe by the US senate´s permanent subcommittee on investigations found.