HSBC caught in money laundering scandal
Failures at HSBC led to the bank being used as a conduit for "drug kingpins and rogue nations", according to a new report compiled for a US Senate committee.
HSBC executives were subjected yesterday (17 July) to an onslaught from senators over revelations that staff at its global subsidiaries laundered billions of dollars.
HSBC's head of compliance, David Bagley, resigned before the investigative committee, saying that it was time HSBC had a new person in the role. He said: "Despite the best efforts and intentions of many dedicated professionals, HSBC has fallen short of our own expectations and the expectations of our regulators.”