HSBC pays record US fine for banking violations

Standard Chartered has agreed to pay millions of dollars in fines for violating US sanctions. The move will cost the British bank 327 million US dollars (252.6 million euros). This fine is on top of a payment of 340 million US dollars (262.7 million euros) the bank already paid in August over the same offence related to Iran. Another British bank also having to pay fines in the US is Europe’s largest bank HSBC, who have agreed to a penalty of a record-breaking 1.92 billion US dollars. The London-based firm has been probed for illegally moving funds for drug traffickers and money-laundering in countries including Mexico and Syria.