HSBC blasted for ‘stunning failures over oversight’

BBC, December 11

The US said “dangerous practices” at HSBC allowed the bank to pass money to “drug kingpins and rogue nations”, as it fined it $1.9bn (£1.2bn).

HSBC agreed the fine, the largest of its kind, earlier on Tuesday.

A US Senate investigation said the UK-based bank had been a conduit for drug barons and nations such as Iran against which it had sanctions, making it illegal to do business there.

HSBC admitted having poor money laundering controls and apologised.

[…]

It is unclear what impact the case will have on HSBC’s business. The bank is the biggest in Europe by market capitalisation, and made pre-tax profits of $12.7bn for the first six months of 2012.

Previously: Money-Laundering Inquiry Is Said to Aim at U.S. Banks

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