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HSBC Agrees to Pay $192 Million to Resolve U.S. Tax Probe

  • Bank hid as much as $1.26 billion in undeclared U.S. assets
  • Tax accord follows U.S. laundering, currency, mortgage cases
High Street Banks as U.K. Heads to the Polls Again
Photographer: Hollie Adams/Bloomberg
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HSBC Holdings Plc admitted that it helped hundreds of American clients hide more than $1 billion in assets from the Internal Revenue Service and agreed to pay $192.4 million to resolve a decade-long U.S. tax investigation.

Prosecutors filed a charge of conspiracy to defraud the U.S. against a unit of the bank, HSBC Private Bank (Suisse) SA, but agreed to drop it in three years if it abides by a deal submitted Tuesday in federal court in Fort Lauderdale, Florida.