WASHINGTON (AP) — HSBC, the British banking giant, said Tuesday it will pay $1.9 billion to settle a money-laundering probe by federal and state authorities in the United States.

The probe of the bank — Europe’s largest by market value — has focused on the transfer of billions of dollars on behalf of nations like Iran, which are under international sanctions, and the transfer of money through the U.S. financial system from Mexican drug cartels.