REUTERS – HSBC Holdings Plc (HSBA.L) said on Monday it will likely face criminal or civil charges from an expanding investigation into its ties to allegedly illegal money transactions, including some tied to Iran.
The disclosure in a regulatory filing shows the increasingly serious nature of inquiries into the London-based bank's business.
HSBC already is the subject of multiple U.S. law-enforcement probes for ties to illegal money transactions. Monday's filing was the first time the bank disclosed that Iranian transactions are under scrutiny and that it could face a criminal charge.
The bank's HSBC USA Inc unit said investigations are being conducted by the Justice Department, the district attorney in Manhattan, two Treasury department agencies and the Federal Reserve. It said those inquiries were examining "historical transactions involving Iranian parties and other parties subject to" U.S. economic sanctions. Financial institutions doing business in the United States are prohibited from aiding sanctioned countries or banks.
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