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PPI Claim News - 4/3/2013

 
Bank charges: HSBC make profits despite money-laundering

HSBC says it made profits last year, in spite of it incurring fines for money-laundering.

This was revealed in the bank’s Annual Report and Accounts for 2012.

HSBC was fined £1.2 billion by US regulators when it was found guilty of money laundering, which was suspected to help Mexican drug cartels and nations such as Iran.

In the UK, the bank had to set aside £1.5 billion for customer claims against mis-sold payment protection insurance (PPI).

Despite these charges, the bank was able to report profits. However, its profit before tax fell by six per cent to £13.7 billion and its revenue fell by five per cent to £45.4 billion compared to the previous year. Its underlying profit before tax rose by 18 per cent to £10.9 billion.

In his statement within the report, HSBC group chairman Douglas Jardine Flint said that the bank would improve controls and governance according to suggestions from regulators.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801550486-ADNFCR



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