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by kube-system 1364 days ago
HSBC ain't a story about a bank moving dirty money without consequence. https://www.ice.gov/news/releases/hsbc-admits-anti-money-lau...
2 comments

That's not the whole story though. HSBC was literally founded so that the brits could bank the cash they were making by smuggling opium into China illegally. They're still net positive from banking drug money.
That's more a story about sovereignty and not about AML evasion.
The consequence by law was the revocation of their banking license. But because they are "too big to fail", they got away with a slap on the wrist instead.
The appropriate degree of the consequence is debatable, I'm just saying, ~$2 billion of fines/penalties does not equal "clean".
The fine was less than 20% of their annual income, for a crime committed over decades. Compared to what the law says, they got away completely clean. The punishment was barely more than a sternly worded letter.