Senate Report Blasts HSBC Over Money Laundering

Law360, New York (July 16, 2012, 7:13 PM EDT) -- A blistering U.S. Senate report released Monday found the HSBC Holdings PLC and its U.S. affiliate did not have proper controls in place to prevent terrorist organizations, drug cartels and other criminal groups from using accounts with the bank to launder money.

A 330-page report from the Senate Permanent Subcommittee on Investigations released on the eve of a hearing on HSBC's anti-money laundering controls found that British bank's U.S. unit, HSBC Bank USA NA, allowed foreign HSBC subsidiaries to evade global anti-money laundering laws and failed...
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