HSBC sets aside extra $800m in money laundering provision

City A.M. Reporter
HSBC has put aside an extra $800m to cover a potential fine from US regulators for breaching anti-money laundering controls, it said this morning.

It had previously set aside $700m in July, bringing the total provision to $1.5bn.

Meanwhile, HSBC posted pre-tax profits of $3.5bn in the third quarter, a fall of $3.7bn from the third quarter of last year.

The bank reported an underlying profit – after stripping out the impact of disposals and changes in the value of its own debt – in the three months to September of $5bn, up from a revised $2.2bn a year earlier.

In addition to the US money laundering provision, HSBC also put an extra $353m aside to cover customer compensation for missold payment protection insurance, it said today.