NEWS FLASH

Major Bank Could Face More Than $1 Billion Fine For Money Laundering | Earlier this year, the global bank HSBC set aside $700 million to prepare for fines and penalties over allegations that it laundered money for drug cartels and terrorist organizations. Now, the bank is anticipating an even bigger fine, announcing today that it has earmarked another $800 million. According to a Senate investigation, the banks’ executives and regulators “ignored warning signs and failed to stop the illegal behavior at many points between 2001 and 2010.”