HSBC faces $1bn fine for failing anti-money laundering controls

Stuart Gulliver, chief executive, wrote a memo to staff saying he could not reassure regulators the bank did not facilitate the financing of terrorism and other criminal activities, the FT reported. "Between 2004 and 2010, our anti-money laundering controls should have been stronger and more effective, and we failed to spot and deal with unacceptable behaviour," Gulliver wrote. The bank faces the US Senate's investigative panel on 17 July. HSBC follows Barclays, which was fined £290m by US and UK regulators for the manipulating of LIBOR, and RBS is reportedly facing a fine of £1.5b...