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HSBC to apologise at US Senate money laundering memo

Published: 
Saturday, July 14, 2012

HONG KONG—HSBC plans to “acknowledge and apologise” for failing to spot and deal with money laundering within the bank during a US Senate panel hearing next week, according to an internal memo sent by its chief executive. “It is right that we are held accountable and that we take responsibility for fixing what went wrong,” chief executive officer Stuart Gulliver said in a note sent to staff and seen by Reuters.

 

The US Senate Permanent Sub-committee on Investigations has been investigating HSBC for months as part of an effort by Congress to probe shadowy money flows. The title of the hearing is: Vulnerabilities to Money Laundering, Drugs, and Terrorist Financing: HSBC Case History.

 

The Senate committee will release a list of people they plan to call up later this week. HSBC spokesman Gareth Hewett declined to comment on the memo, but said the bank plans to “fully cooperate” with any investigations.

 

 

Reuters

Business
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