HSBC used for Mexican drug money, says report

clock

Inadequate controls at HSBC allowed it to be used to launder suspicious money from around the world, including Mexican drug money, a damning US report has found.

Large sums of Mexican drug money as well as suspicious funds from Syria, the Cayman Islands, Iran and Saudi Arabia passed through the bank, according to the Senate Permanent Subcommittee on Investigations. In a statement, HSBC said it is "right" that it is held accountable for what happened and that it would fix the problems. The report followed a year-long inquiry, which included a review of 1.4 million documents and interviews with 75 HSBC officials and bank regulators. Its findings will be discussed at a hearing on Tuesday at which HSBC executives are expected to testify.

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

TISA urges FCA to rethink targeted support fees and levies proposals

TISA urges FCA to rethink targeted support fees and levies proposals

Could ‘undermine’ the aims of targeted support

Isabel Baxter
clock 12 January 2026 • 2 min read
FCA's targeted support rules set to take effect from April 2026

FCA's targeted support rules set to take effect from April 2026

Regulator plans to open application gateway for firms in March

Isabel Baxter
clock 11 December 2025 • 5 min read
FCA sets out plans to simplify complaints regime

FCA sets out plans to simplify complaints regime

Including requirement for firms to report complaints involving vulnerable clients

Isabel Baxter
clock 04 December 2025 • 2 min read