HSBC has confirmed it will pay US authorities $1.92 billion in a record settlement over money laundering allegations.
The British bank was accused of helping to launder money belonging to drug cartels and countries under American sanction, including Iran and North Korea.
It has also vowed to continue to cooperate fully with authorities to strengthen its compliance policies after the so-called "deferred prosecution agreement" with the US Department of Justice.
"We accept responsibility for our past mistakes.
We have said we are profoundly sorry for them, and we do so again," group chief executive Stuart Gulliver said in a statement.
"The HSBC of today is a fundamentally different organisation from the one that made those mistakes.
"We are committed to protecting the integrity of the global financial system.
To this end we will continue to work closely with governments and regulators around the world." The Wall Street Journal's Devlin Barrett broke the story of the payment and says it is the biggest levelled in such a case.
"It's the largest forfeiture amount ever levied against a bank by the United States," he said.
"It is a record and it also is sort of the culmination of a series of such cases that have looked at business practices of banks largely headquartered in Europe." A US senate committee had previously accused .
A year-long inquiry found that HSBC had concealed $US16 billion worth of transactions from Iran over six years.
The inquiry also found HSBC's Mexican branch shipped $US7 billion to the US over a two-year period, ignoring warnings that this almost certainly included drug money.
The bank stripped information from documents to conceal prohibited dealings with Iran and safeguards were ignored in cases involving Saudi and Bangladeshi banks with alleged connections to international terrorism.