HSBC Holding international financial organization agreed to pay USD 101,5 million for misuse of the bank clients’ confidential data.

According to U.S. Department of Justice, on two separate occasions in 2010 and 2011, traders on HSBC foreign exchange desk misused confidential information provided to them by clients, making profits of approximately USD 38.4 million and USD 8 million on illegal transactions.

Pursuant to its agreement with the Justice Department, HSBC agreed to pay a criminal penalty of USD 63.1 million. HSBC also agreed to pay USD 38.4 million in disgorgement and restitution for its conduct related to one of the two victim companies. The organization previously settled with the other victim company, for approximately USD 8 million.

“HSBC’s admissions in connection with this resolution confirm that the company misused confidential client information for its own profit on more than one occasion. This sort of misconduct not only harmed their clients, costing the victims money, but it also ran a serious risk of undermining the public’s confidence in our financial markets,” said Acting Assistant Attorney General Cronan.