HSBC Holdings Plc, which is under investigation by US regulators for laundering funds of sanctioned nations including Iran and Sudan, is in talks to settle the matter, two people with knowledge of the case said.
The bank, Europe’s largest by market value, made a $700 million (Dh2.57 billion) provision in July for any US fines after a Senate Committee found it had given terrorists and drug cartels access to the US financial system. That sum might increase, Chief Executive Officer Stuart Gulliver has said.
An HSBC settlement regulators and the Manhattan District Attorney were aiming to conclude as early as September may have been slowed when New York’s banking superintendent accused Standard Chartered of laundering $250 billion for Iran. Regulators had been talking with both banks about universal accords when Benjamin Lawsky on August 6 threatened to revoke Standard Chartered’s license. Deals with the London-based banks next month are still possible, said the people, who asked not to be identified because the investigations are confidential.
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