The WSJ reports that the top executive in charge of HSBC
Holdings PLC's anti-money-laundering programs told lawmakers he is stepping
down in the wake of a Senate investigation into risky practices at the global
banking giant.
The Senate Permanent Subcommittee on Investigation on
Tuesday aired findings of a yearlong investigation that alleged HSBC's U.S.
bank became a conduit for money-launderers and potential terrorist financiers.
A report released ahead of the hearing also found "systemic failures"
at its main U.S. government regulator, the Treasury Department's Office of the
Comptroller of the Currency….
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