HSBC Holdings said it’s likely to face criminal charges from US anti-money-laundering probes, and the cost of a settlement may “significantly” exceed the $1.5 billion the bank has set aside. The lender has made an additional $800 million provision to cover a potential settlement, adding to the $700 million it had earmarked.
A Senate committee said in July that failures in HSBC money-laundering controls allowed terrorists and drug cartels access to the US financial system.