HSBC’s U.S. Bank Regulator Was ‘Lapdog,’ Senator Coburn Says
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HSBC Holdings Plc’s regulator was a “lapdog” that failed to stop bank affiliates from giving terrorists, drug cartels and criminals a portal into the U.S. financial system, a U.S. senator said at a hearing today.
The Office of the Comptroller of the Currency knew of weaknesses in the bank’s anti-money laundering program, yet was “often at a loss, however, to prescribe how HSBC could eliminate” problems, Senator Tom Coburn said at a hearing of the Permanent Subcommittee on Investigations.