HSBC to apologise at U.S. Senate money laundering hearing – memo


HSBC (HSBA.L) plans to “acknowledge and apologise” for failing to spot and deal with money laundering within the bank during a U.S. 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 U.S. Senate Permanent Subcommittee 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.”

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