HSBC to pay $1bn in fines over controls failure
HSBC is set to pay out up to $1bn in fines over a failure to have appropriate controls in place to ensure it did not facilitate the financing of terrorism and other criminal acts
The Financial Times reports that an internal memo from chief Stuart Gulliver revealed the bank did not have the controls in place between 2004 and 2010.
The bank is expected to make an apology to US authorities over the controls failure.
It is the latest scandal to hit British banks, following the interest rate swap product misselling and Libor fixing scandals of recent weeks.
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