The HSBC executives who appeared before Levin’s committee on Tuesday were not spared. When one of them described HSBC’s failures as “unacceptable”, Levin interjected to say there are degrees of unacceptability and that some of the British bank’s failings had been “stunningly unacceptable.”

Between 2005 and 2010, the Office of the Comptroller of the Currency (OCC), HSBC’s chief regulator in America, conducted almost 50 examinations of the bank’s AML compliance and found more than 80 problems requiring further attention.

Source: The Telegraph