Senate Permanent Subcommittee on Investigations Holds Hearings on HSBC and Calls for Tougher Regulation of Banks

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Saturday, September 1, 2012

Author:

Bruce Zagaris

Volume:

28

Issue:

9

Abstract:

On July 17, 2012, a Senate Permanent Subcommittee on Investigations report and hearing reviewed how HSBC and its U.S. affiliate exposed the U.S. financial system to a wide array of money laundering, drug trafficking, and terrorist financing risks due to poor anti-money laundering (AML) controls.[1]

[1] US Senate Permanent Investigative Subcommittee Majority and Minority Staff Report, US Vulnerabilities to Money Laundering, Drugs and Terrorist Financing: The Case of HSBC, July 17, 2012.