HSBC 'faces money laundering charge in US'

The bank is being investigated over possible violations of the US Bank Secrecy Act and has said it is co-operating with another investigation by the Department of Justice and the Office of Foreign Asset Control (OFAC) "regarding historical transactions involving Iranian parties and other parties subject to OFAC sanctions". In its annual filing with the Securities and Exchange Commission, the bank said "it is likely there will be some form of formal enforcement action which may be criminal or civil in nature in respect of some or all of the ongoing investigations", the Telegraph reports. ...