US Senator says HSBC concealed Iran transactions
A US Senate committee has found that HSBC provided a conduit for "drug kingpins and rogue nations", as the panel investigated money laundering claims at the bank.
On Tuesday, Senator Carl Levin said that among the committee's findings was evidence that HSBC officials knew that the bank was avoiding required procedures that would identify if transactions connected with Iran were illegal or not.
Sen Levin said that of 25,000 transactions totalling $19bn (£12bn) connected to Iran between 2001-07, 85% were expunged of references to Iran to avoid further scrutiny.
"HSBC's chief compliance officer and other senior executives in London knew what was going on but allowed the deceptive conduct to continue," he said.