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HSBC 'to pay $1.9bn' in US money laundering settlement

11 December 2012 Last updated at 19:33 GMT

HSBC has confirmed it is to pay US authorities $1.9bn (£1.2bn) in a settlement over money laundering, the largest paid in such a case.

The UK-based bank was alleged to have helped launder money belonging to drug cartels and states under US sanctions.

HSBC admitted having poor money laundering controls and apologised.

Hugh Pym reports.