A British bank reached an agreement with U.S. authorities and is now paying big bucks to settle a money laundering probe.

FOX News Radio’s Simon Owen reports from London:

HSBC saying it will pay $1.9 billion to U.S. authorities for allowing rogue states like Iran and Syria to transfer billions of dollars through the American financial system. Mexican drug cartels were also laundering money.

This is after a Senate inquiry accused the bank of ignoring warnings and breaching safeguards. The fine settles the case avoiding a lengthy legal battle.

HSBC says it’s profoundly sorry.

In London, Simon Owen, FOX News Radio.