HSBC Permitted Drug Kingpins And Rogue Nations To Use Their Bank Services

HSBC apologised for its lapses, said reforms had been put in place, and admitted it was 'horrified' by what it found. Photograph: Gary Cameron/Reuters

HSBC Used By 'Drug Kingpins', Says US Senate -- BBC

HSBC provided a conduit for "drug kingpins and rogue nations", according to a US Senate committee investigating money laundering claims at the bank.

Its report said suspicious funds from countries including Mexico, Iran and Syria had passed through the bank.

The president and chief executive of HSBC Bank USA, Irene Dorner, apologised to the committee for the behaviour which she said deeply regretted.

Earlier, HSBC's head of compliance, David Bagley, resigned at the hearing.

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More News ON HSBC Link To Drug Kingpins And Rogue Nations

HSBC 'sorry' for aiding Mexican drugs lords, rogue states and terrorists -- The Guardian
HSBC contrite as senators hammer money-laundering lapses -- Reuters
HSBC accused by Senate of allowing billions in Mexican drug cartel cash to be laundered -- CBS/AP
HSBC linked to drug lords and terrorists, Senate report alleges -- L.A. Times
HSBC Allowed Laundering, U.S. Probe Says -- Bloomberg Businessweek
HSBC’s U.S. Bank Regulator Was ‘Lapdog,’ Senator Coburn Says -- Bloomberg
Regulators and HSBC Are Faulted by Senate -- Dealbook/New York Times
HSBC's Laid Back Ways Lead to Money Laundering, Report Says -- Fox News/AP
HSBC head of compliance stepping down; executives apologize for lapses -- Washington Post/AP
HSBC compliance boss quits during hearing -- Financial Times
HSBC's Compliance Chief to Step Down -- Wall Street Journal

My Comment: Bank officials should be going to jail .... for a long time .... and government bank regulators should be fired and barred from working in the financial field. But .... do not be surprised if nothing will happen ... such is the deep corruption in our government and financial institutions.