Doing the Laundry

After failing to monitor trillions (with a T) in wire transfers over a period of years, from very unsavory characters and regimes, HSBC agreed to a $1.92 billion settlement. HSBC encouraged vast illegal transactions because there’s so much money to be laundered, profits are very good and the chances of being caught are low as regulators are weak. Thus, there will be more banks caught doing laundry in the future.