HSBC Banking Giant in Hot Water Over Transactions Linked to Terror Groups
Banking giant to face Senate panel over anti-money laundering lapses; Reuters investigation reveals bank overlooked suspicious transactions with possible links to Hamas, Hezbollah.
Executives of HSBC Holdings Plc and its US subsidiary are scheduled to testify Tuesday before a Senate panel about how the London-based bank has cleaned up its act after years of run-ins with US authorities over alleged anti-money laundering lapses.
However, a Reuters investigation has found persistent and troubling lapses in the bank’s anti-money laundering compliance since 2010, which is when the bank’s problems supposedly ended, suggesting that it had overlooked suspicious transactions linked to terror groups Hamas and Hezbollah.