HSBC is to apologise to US lawmakers for failing to have appropriate controls in place to ensure it did not facilitate the financing of terrorism and other criminal activities, transgressions that analysts estimate may cost it up to $1bn in fines.
In an internal memo to staff ahead of the British bank’s scheduled appearance in front of the US Senate’s investigative panel on July 17, Stuart Gulliver, chief executive, wrote: “Between 2004 and 2010, our anti-money laundering controls should have been stronger and more effective, and we failed to spot and deal with unacceptable behaviour.”
He said it was “right that we be held accountable and that we take responsibility for fixing what went wrong”.
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