Media playback is unsupported on your device

HSBC apologises over claims it aided money-laundering

18 July 2012 Last updated at 03:29 BST

Executives at HSBC, a bank that has its roots in Asia, have apologised at a US Senate hearing over claims the bank aided money-laundering activities.

HSBC's chief compliance officer resigned after it was alleged HSBC ignored warnings Mexican drug money was being allowed to pass through the bank

Asia Business Report's Rico Hizon asked Sumit Agarwal, associate professor at the National University of Singapore's Business School, if money laundering was an issue that Asian banks face as well.