Update: HSBC bill for money laundering may top $1.5bn

The bank, which had already set aside $700m to cover the scandal, outlined the extension in its third-quarter results. Stuart Gulliver, HSBC's chief executive, warned shareholders the financial penalties could be significantly higher as the firm has yet to agree a settlement with the US authorities. "The third quarter results include an additional provision of $800m in relation to the ongoing US anti-money laundering, Bank Secrecy Act and Office of Foreign Assets Control investigations," he said. "We are actively engaged in discussions with US authorities to try to reach a resoluti...