HSBC raises money laundering provisions by $800m

HSBC bank has put aside a further $800m (£500m) to cover potential money-laundering fines in the US and has announced a fall in quarterly profits.

The bank had already put aside $700m after a US Senate report published in July said lax controls had left it vulnerable to money laundering.

Pre-tax profit for the three months to the end of September was $3.5bn, down $3.7bn from a year earlier.

Julia Caesar reports.

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