HSBC bank will issue a formal apology at a US senate watchdog meeting for allowing transactions that appear to be money laundering.
A report following a Senate investigation and released ahead of the hearing accuses Europe’s largest bank of failing to act in preventing the suspicious transactions from countries including Syria, Iran, Mexico and Saudi Arabia.
Senate also criticised US bank regulator the Office of the Comptroller of the Currency for failing to monitor HSBC properly.
Seventy-five bank officials and regulators will appear before the Senate committee on Tuesday.
One allegation detailed in the report accuses HSBC of handled more than 5.5 billion euros of what was probably money from Mexican drug cartels during 2007 and 2008.
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