ritish bank HSBC will pay a record fine of $1.9 billion to settle charges of money-laundering, it was widely reported on Monday. The settlement stems from accusations that the bank used the U.S. financial system to carry out billion-dollar transfers for sanctioned countries like Iran and drug cartels in Mexico. HSBC is just the latest multinational bank to be punished for helping Iran. On Monday, Standard Chartered, Britain's second-largest bank, agreed to pay $327 million to settle charges of doing business on behalf of Iranian clients.
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