HSBC to pay $101 million to settle with DoJ

UK bank enters into deferred prosecution agreement and agrees to pay criminal penalty over Cairn Energy and other FX conduct

hsbc
HSBC: "We have strengthened our controls in the global markets business and we will continue to make further improvements"

HSBC will pay $101.5 million and enter into a three-year deferred prosecution agreement with the US Department of Justice to resolve the agency’s investigation into the bank’s foreign exchange sales and trading activities.

The new agreement comes as a blow to the bank as a 2012 DPA – linked to a money laundering claim – was only lifted in December, following five years of renewals. 

Under the terms of the new DPA, HSBC will pay a $63.1 million criminal penalty and $38.4 million in restitution

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