HSBC set to apologize for money laundering failings

11 July 2012

An apology is set to be submitted to the US senate from HSBC regarding its failure to identify and resolve an internal money laundering scheme.

That is according to a memo from the bank released this morning (11 July) and seen by Reuters, which details the financier's plan to acknowledge its failings in controlling this problem in a senate panel hearing next week.

The Permanent Subcommittee on Investigations has been conducting an ongoing analysis of HSBC's practices for the last few months as part of its pledge to crackdown on suspect money flows within the banking industry.

And Stuart Gulliver, chief executive officer of the bank, has today told staff: "It is right that we are held accountable and that we take responsibility for fixing what went wrong."

In addition, while declining to comment on Mr Gulliver's memo, HSBC spokesman Gareth Hewitt told the news source the bank will "fully cooperate" with the investigation.

By Gary Cooper

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