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 accused of dealing in proceeds of Mexican drug trafficking
HSBC's compliance standards have been slammed by the US Senate for allowing its subsidiaries to deal with the proceeds of crimes.
In particular, the bank's Mexican division was singled out for moving some $7 billion (£4.5 billion) into the bank's US business, much of which was tied to drug traffickers.
One former HSBC anti money-laundering director flagged up his concerns that "60 to 70 percent of laundered proceeds in Mexico" was going through the bank's local affiliate.
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