Europe biggest bank HSBC will pay a record $1.9bn in a settlement of a money laundering probe by US authorities.
A US Senate investigation accused the British bank of helping to launder money belonging to Mexican drug barons and allowed the transferring of billions of dollars on behalf of nations under international sanctions such as Iran.
The announcement comes a day after another UK-based bank, Standard Chartered, agreed to pay $327 million to resolve allegations that it violated U.S. sanctions against Iran, Sudan and two other countries
Since US law enforcement has begun to crackdown on money laundering by banks, several international banks have been probed, resulting in fines amounting to billions.
Credit Suisse, Barclays, Lloyds and ING are among banks that paid heavy settlements after they admitted to moving money for people or companies under US sanctions.
Written and presented by Alfred Joyner