Понедельник, 16 Июля, 2018


HSBC to pay US$100m to settle United States probe into currency rigging

Mark Johnson HSBC's global head of foreign exchange cash trading in London exits the Brooklyn federal court in New York HSBC to pay US$100m to settle United States probe into currency rigging
Conrad Doyle | 19 Января, 2018, 14:49

British financial giant HSBC has agreed to pay more than US$100 million to USA authorities after admitting to defrauding clients during multi-billion-dollar foreign exchange transactions, the Justice Department announced on Thursday (Jan 18).

U.S. officials only identified one of the two clients - the British oil and gas explorer Cairn Energy.

In the settlement, HSBC also agreed to bolster its internal controls, and admitted and accepted responsibility for wrongdoing underlying two criminal wire fraud charges filed against the bank. In a second transaction in December 2011 for Cairn Energy PLC, an Edinburgh-based oil-and-gas company, HSBC converted about $3.5 billion to British pounds that resulted in a roughly $8 million profit for the bank. "Such financial crimes violated the trusted relationships between HSBC and its clients, and therefore, we are pleased to join our law enforcement partners in combating this misconduct".

HSBC was one of six major United States and European banks that were fined a total US$4.2 billion by global regulators in a November 2014 crackdown for attempted manipulation of the foreign exchange market.

"HSBC is committed to ensuring fair outcomes for its customers and protecting the orderly and transparent operation of the markets", the bank said. HSBC also made misrepresentations to one of the clients, Cairn Energy, to hide the self-serving nature of its actions.

The HSBC settlement is made up of a $63.1m criminal penalty and $38.4m in restitution to an unnamed corporate client.

Under the terms of the agreement, which is under review by a federal judge in Brooklyn, HSBC will pay a US$63.1 million fine and an additional US$38.4 million in restitution and disgorgement - or the return of ill-gotten gains, the Justice Department said.

As part of the US deal, HSBC has entered into a three-year deferred prosecution agreement (DPA) with the US Department of Justice. HSBC received substantial cooperation credit because, although as detailed in the DPA, the bank's initial cooperation with the government's investigation was deficient in certain respects, after being notified of the Department's concerns, HSBC changed course and its cooperation improved substantially. Stuart Scott, HSBC's former head of cash trading for Europe, the Middle East and Africa, was also charged in that case and has fought extradition, the report noted. Assistant Chiefs Carol Sipperly and Brian Young and Trial Attorney Blake Goebel of the Criminal Division's Fraud Section are prosecuting the case.

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