HSBC apologizes for lax controls on laundering
Source: Agencies |
July 18, 2012, Wednesday
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Print Edition
Print Edition
THE CEO of the US division of HSBC yesterday apologized for lax controls that American lawmakers said allowed Mexican drug cartels to launder billions of dollars through the US operation and many other illicit transactions for years.
Irene Dorner, president and CEO of HSBC Bank USA, said in testimony prepared for a hearing by the Senate Permanent Subcommittee on Investigations that "we deeply regret and apologize" for the lapses by HSBC.
Dorner said the bank has made deep changes to its policies and corporate culture to prevent illicit use of the bank.
Irene Dorner, president and CEO of HSBC Bank USA, said in testimony prepared for a hearing by the Senate Permanent Subcommittee on Investigations that "we deeply regret and apologize" for the lapses by HSBC.
Dorner said the bank has made deep changes to its policies and corporate culture to prevent illicit use of the bank.
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