London, Dec 12 (IANS): British banking giant HSBC will pay 1.2 billion pounds (about $1.9 billion) to settle a money-laundering probe in the US, the Daily Mail reported.
The probe of the bank has focused on the transfer of billions of dollars on behalf of nations like Iran and North Korea, which are under international sanctions, and the transfer of money through the US financial system from Mexican drug cartels.
According to a law enforcement official, HSBC, Europe's largest by market value, will pay 777 million pounds in forfeiture and pay 407 million pounds in civil penalties.
The 777-million-pound figure is the largest forfeiture ever in a case involving a bank, the Mail said Tuesday.
The London-based bank said it is cooperating with investigations but that those discussions are confidential.