HSBC has been accused of allowing drug money from across the world to be laundered through its system due to soft controls, in an investigation by a US Senate.
The report states that suspicious monies were transported through HSBC from the Cayman Islands, Syria, Saudi Arabia, and Mexico made possible by breaches of US anti-money laundering rules by the bank and lax monitoring by the Office of the Comptroller of the Currency, the regulator of US banks.
HSBC has confirmed that it is ready to take the blame and be held accountable for the trouble, according to the BBC. In a statement, HSBC said: "We will apologise, acknowledge these mistakes, answer for our actions and give our absolute commitment to fixing what went wrong."
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