HSBC apologize NA anti-money laundering rules and senior management to resign, as legislators accused Iran, terrorists and drug traffickers access to the global bank in the U.S. financial system to give.
In the fire and the manipulation of interest rates and reckless transaction banking, HSBC said that more should have been completed in order to prevent abuse of the amount of up to tens of billions of dollars in illegal transactions.
"We deeply regret and apologize to the fact that HSBC did not live up to our regulators, our customers, our employees and the general public's expectations," HSBC Bank USA (HBUS) CEO Irene Dorner told the Senate Homeland hearing of the security team The Commission's investigation.
In line with HSBC's history, for the study today, it is unacceptable. "
Conclusive report of the Subcommittee on the bank's business, resigned before reading his own testimony, to comply with the person in charge of the London-based HSBC Group David Bagley.
"I admit, there are already some major areas of failure," he said. "This clearly too long to resolve."
Senate in its 330-page report, the lender allows branches in Mexico, Saudi Arabia and Bangladesh and other countries to move to the United States billions of dollars in suspect funds, there is not enough control.
Lawmakers grilled the HSBC executives and U.S. Treasury officials failed to prevent money laundering, they said, thanks to the Mexican drug lords and terrorist networks, and provide them to bypass U.S. sanctions on Iran.
Chairman of the Subcommittee, Senator Carl Levin, said: "This is very shocking things.
A result, HSBC and its U.S. subsidiary to conceal more than 16 billion U.S. dollars, the revelation of sensitive (13 billion euros), Iran trade more than six years, in violation of the transparency rules in the United States.
HSBC executives aware of the covert Iran deal "- stripped of all the information that Iran from the document - as early as 2001, but allows thousands of transactions to continue until 2007.
HSBC's use of so-called U-turn transactions into funds, then the United States through the review of the non-Iranian foreign banks, indicating that the Bank of nearly 25,000 U.S. dollar transactions with Iran.
"Iran over the years from 75-90 percent of transactions, the vast majority was sent by HBUS and other U.S. dollar account did not reveal any link to Iran," according to the report.
Prohibit its enemies such as Iran and North Korea's national business, the Office of Foreign Assets Control Office (OFAC) provides a tight filter, in order to prevent potentially prohibited transactions.
Levin said, deliberately circumvent the foreign assets of banks and their branches at the filter.
Democratic senators said senior HSBC officials in London, "I know what happened, but allow the deception to continue."
HSBC's European operations, implement two internal deadline to stop the practice of scrubbing the details of Iran's U-turn, according to the report.
"Two period are ignored," said Levin.
Under the slogan, according to a process known as the "world's local bank", the U.S. dollar in many countries, HSBC agent bank network life of the Hongkong and Shanghai Banking Corporation Limited.
However, to comply with failure clearly spun out of control.
The report said Mexico HSBC branch of the transport physics of $ 700 million U.S. dollars from 2007 to 2008 HBUS ... improve the volume of dollars, including the red flag of the proceeds from the sale of illegal drugs in the United States. "
It said HBUS "terrorist financing links provide the dollar and the banking services of the bank in Saudi Arabia and Bangladesh."
dorner HSBC has learned some very difficult lessons "in recent years, as a result of the Senate probe and warrant that you have to make" fundamental changes "to solve the problem panel.
Republican Senator Tom Coburn pressed her, said: "the real thing, you must change the culture."
Levin said he hopes will lead to greater reform of the international banking in the year-long probe, but suggested that HSBC will face punishment for their actions.
Annoying, others will have to make a judgment, accountability, "Levin said.
Several bank was fined a huge amount of transactions involving Cuba, Iran, Libya, Myanmar and Sudan.



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