HSBC 'sorry for mistakes'
HSBC chairman has apologised for making "mistakes in the past, and for them I am very sorry." They have set aside £446m top pay for the money laundering scandal and £495m for mis-selling of PPI and credit swaps.
HSBC played 'fast and loose with US banking rules'
Subcommittee chairman Senator Carl Levin said HSBC used its US bank as a gateway into the American financial system for its affiliates around the world while "playing fast and loose with US banking rules".
He said: "Due to poor anti-money laundering controls, HBUS (HSBC's US operations) exposed the United States to Mexican drug money, suspicious travellers cheques, bearer share corporations, and rogue jurisdictions."
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