HSBC set to pay $1.9bn to settle money laundering claims Britain's biggest bank will forfeit about $1.3bn and pay a further fine of $650m, according to reports. The settlement with authorities, including the Department of Justice and the US Treasury, could come as soon as Tuesday. Shareholders in HSBC were warned earlier this year by chief executive Stuart Gulliver that a settlement could cost more than $1.5bn. The bank apologised over the summer for failures to enforce anti-money laundering rules, with Mr Gulliver admitting that HSBC needed to "take responsibility for fixing what went wrong." In July, senior HSBC executives were hauled before a powerful Senate committee to explain the failures that stretched between 2004 and 2010. The US government is aggressively pursuing breaches of anti-money laundering rules and a number of British banks are still under investigation. On Monday HSBC named Bob Werner, a former senior official at the US Treasury, as the head of group financial crime compliance at the bank. HSBC said last night it continues to co-operate with US authorities. The DoJ declined to comment.