According to the Financial Times, the auditing firm is being brought into analyse HSBC USA transactions worth millions of dollars to check that the banking division adhered to the correct rules surrounding compliance.
HSBC is under investigation by the US Attorneyâs Office and the Department of Justice and has been ordered to set up an independent review by the regulators.
The bank, which was quoted by the news provider, said it was expecting to be subject to a formal enforcement action as part of the probe.
However, HSBC stated that it was âunable at this time to determine the terms on which it might be brought, the timing of any possible regulatory resolution or enforcement action or the amount of fines or penalties, if any, that may be imposed by the regulators or agenciesâ.
The bank received a âcease and desistâ order from regulators earlier in the year after its lack of rules surrounding compliance were alleged to have created the potential for money laundering.
By Jim Ottewill