Federal judge OKs HSBC's $US1.9B penalty

A US federal judge has approved a deal allowing British bank HSBC to pay a record $US1.9bn penalty. Source: AAP

A FEDERAL judge approved a deal that will allow HSBC to pay a record $US1.9 billion ($A2.09 billion) penalty to settle accusations the British bank helped Mexican drug traffickers, Iran, Libya and others under US suspicion or sanction move money around the world.

The settlement, originally announced in December, is the largest penalty ever imposed on a bank.

The Justice Department's case maintained that HSBC's failure to monitor itself allowed criminals and suspect countries like Cuba, Myanmar and Sudan to move hundreds of millions in prohibited transactions through US financial institutions from the mid-1990s through 2006.

Judge John Gleeson of the US District Court for New York's Eastern District approved the plan on Monday. It requires court supervision of HSBC for five years, after which the US will seek to dismiss the case.

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