HSBC's boss told Reuters on Monday revelations of lax
anti-money laundering controls had been "shameful and embarrassing"
for Europe's biggest bank, and may force it to pay out well over $2 billion for
those flaws and in compensation for UK mis-selling.
HSBC set aside $700 million to cover fines and other costs
for an anti-money laundering scandal, after a US Senate report criticized it
this month for letting clients shift funds from dangerous and secretive
countries, notably Mexico.
The ultimate cost could be "significantly higher",
the bank's Chief Executive Stuart Gulliver said.
HSBC's chief executive apologized on Monday for shameful and
embarrassing mistakes made on anti-money laundering controls as the bank set
aside $2 billion to cover the cost of US investigations and compensate UK
customers for mis-selling….
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