hsbc

HSBC will spend $700m over the next five years in an attempt to tackle money laundering after it was lambasted by US authorities and fined $1.9bn yesterday.

HSBC and Standard Chartered have agreed record settlements over money laundering allegations as the former agrees to pay $1.9bn to US regulators.

The FSA is set to probe the asset management industry in a review of the risks of bribery, corruption, sanctions and money laundering, according to law firm Dechert LLP.

The state of banks' financial health remains "obscure" and means they should be avoided by investors for now, Liontrust's Jan Luthman has said.

The UK's accounting rules are distorting bank profits and leading to confusion over executive pay, some of the country's largest investors have have warned.

David Cameron has issued one of his strongest defences of the banking sector yet, telling the Lord Major's banquet those who "trash the banks would end up trashing Britain".

HSBC is investigating allegations criminals used offshore accounts at its Jersey business for money laundering and tax evasion, the BBC reports.

Britain's largest bank HSBC has set aside an extra $800m to cover settlements for breaching anti money-laundering rules in the US.

HSBC is to convert its whole-of-market advisory proposition into a restricted advice model next year, Investment Week understands.

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