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HSBC compliance chief resigns at Senate hearing over ‘horrific’ actions
Executives with Europe’s biggest bank, HSBC, were subjected to a humiliating onslaught from US senators on Tuesday over revelations that staff at its global subsidiaries laundered billions of dollars for drug cartels, terrorists and pariah states. Lawmakers hammered the British-based bank over the scandal, demanding to know how and why…
Senate report: HSBC concealed £10 billion in transactions to Iran
Global banking giant HSBC and its US affiliate concealed more than £10 billion in sensitive transactions to Iran, violating US transparency rules over a six-year period, a Senate panel said Tuesday. HSBC executives were aware of the “concealed Iranian transactions” — which stripped all identifying Iranian information from documentation —…
Senators blast HSBC over lack of laundering controls
WASHINGTON — US lawmakers accused the global bank HSBC on Monday of opening the doors of the financial system to terrorists, drug dealers and money launderers in a hard-hitting report. Senators found the London-based lender allowed affiliates in countries such as Mexico, Saudi Arabia and Bangladesh to move billions of…
HSBC seeks to evict Hong Kong ‘Occupy’ protesters
Global banking giant HSBC on Monday sought legal permission to evict a handful of protesters camped outside its Hong Kong headquarters, one of the last remnants of the “Occupy” movement in Asia. The bank named the “occupiers of the ground floor” of its downtown office tower as the defendants in…
Banking giant HSBC to apologize to Senate for ‘lax money-laundering controls’
An HSBC bank branch in central London-based global banking giant HSBC Holdings will apologise to a US Senate hearing next week for failures in its anti-money laundering controls, a report said Wednesday. HSBC will tell lawmakers at the July 17 hearing that “unacceptable behaviour” has slipped through its monitoring systems,…
US, Europe woes hit China manufacturing
China’s manufacturing activity continued to shrink in December, HSBC said Friday, as economic strife in the key European and US markets hobbled demand for the nation’s goods. The final HSBC purchasing managers’ index (PMI) reached 48.7 in December, slightly better than the 47.7 in November but lower than preliminary PMI…
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