HSBC (HBC) braces for fines of maybe $1B as it is set to apologize to Congress for a lack of...

|About: HSBC Holdings PLC (HSBC)|By:, SA News Editor

HSBC (HBC) braces for fines of maybe $1B as it is set to apologize to Congress for a lack of controls that allowed the bank to be used for money laundering for terrorist and other criminal activities. ING was recently hit with a $619M fine for its role in laundering funds for Iran and Cuba and speculation is HSBC's penalty will be higher.