HSBC Exec Quits As Bank's Money Laundering Woes Pile Up

Law360, New York (July 17, 2012, 7:24 PM EDT) -- The chief compliance officer of HSBC Holdings PLC told a U.S. Senate committee Tuesday that he would resign over his bank’s failure to prevent money laundering, but the gesture likely will do little to take the heat off his bank or the rest of the reeling financial industry, experts say.

David Bagley, the head of compliance at HSBC, and several fellow bank executives admitted lax controls allowed Mexican drug cartels, terrorist organizations and other criminal groups to launder billions of dollars in dirty money through their...
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