HSBC admitted having poor money laundering controls and apologised. Money laundering is the process of disguising the proceeds of crime so that the money cannot be linked to the wrongdoing.

The report alleges the UK “hampered” the probe and “influenced” the outcome. HSBC was accused of letting drug cartels use US banks to launder funds. A US Congressional report revealed UK ...

Banking giant HSBC has begun to use artificial ... and the integration issues involved with monitoring systems, successfully tackling money laundering and complying with stringent regulations ...

It said the justice ministry was also looking into possible money laundering. In August, HSBC said it knew inquiries were ongoing and that the penalties “could be significant”. On Monday ...

While HSBC paid a record $1.9 billion fine in ... Developing economies also bear the brunt of money laundering issues due to generally weaker controls. The annual cost to developing countries ...