HSBC Fears U.S. Money Laundering Fines To Top $1.5 Billion

The London-based bank has said the issue was "shameful and embarrassing" after a report by Congress’ Permanent Subcommittee on Investigations criticized a "pervasively polluted" culture and said HSBC’s Mexican operations had moved $7 billion into its U.S. operations between 2007 and 2008. Volume that large suggested it included illegal narcotics proceeds, the report said.