Mexico’s probe into the local operations of Europe’s biggest bank, HSBC Holdings Plc, over lax controls against money laundering has concluded following a fine imposed by regulators, the bank’s head in Mexico said on Thursday.

Mexico’s National Banking and Securities Commission (CNBV) levied the $27.5 million fine a week after a scathing Senate report slammed HSBC for letting clients shift funds from dangerous and secretive countries.

Luis Pena, HSBC’s chief executive in Mexico, said the bank recognized its mistakes and that the issue was now settled after the fine, the biggest-ever handed out to a bank by the CNBV.

Source: Reuters