US report says HSBC handled Iran, drug money
The hearing by the Senate Permanent Subcommittee on Investigations came a day after it released a 400-plus-page report detailing how the British bank acted as a financier to clients routing funds from the world’s most dangerous corners, including Mexico, Iran and Syria.
While money laundering problems at HSBC have been flagged by regulators for nearly a decade, the criticism comes at a sensitive time for the banking industry.
Banks are facing accusations of greed tied to allegations that international banks for years tried to rig the global lending benchmark rate Libor and other scandals, including a trading bet gone
Article source: http://articles.chicagotribune.com/2012-07-16/business/sns-rt-us-hsbc-compliance-senatebre86f182-20120716_1_hsbc-holdings-plc-senate-report-bank