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Mr. David Bagley, the HSBC Head of compliance resigned during some hearings at the Senates and after the publication of the report alleging that Britain’s biggest bank may have inadvertently allowed the laundering of Mexican drug money.

The bank moved billions of dollars in cash from its affiliate in Mexico to the US, more than any other Mexican bank, in spite of concerns raised by law enforcement agencies with HSBC that such sums could only involve the proceeds from dealings in illegal narcotics, the Senate permanent subcommittee on investigations report said.

Stuart Gulliver, HSBC Chief Executive, apologized to its staff that anti-money laundering controls were not strong and effective enough, ahead of a scheduled appearance in front of US Senate's investigative panel.

Hi comments came a week after Mr. Diamond and Mr. Agius had apologized for the bad practices that had been taking place over Libor rigging in Barclays Bank.

HSBC is likely to face further action from US authorities in the coming months and could pay as much as $1bn of sanction.

A number of other banks including Credit Suisse, Lloyds and Barclays have also been fined over failures relating to US money laundering or sanctions breaches.

In the case of the Libor scandals, Barclays is not the only bank that is under scrutiny; 20 other banks are suspected to have been taking part in interest rate manipulation, including Deutsche Bank and Société Générale.



See also the US Senate about HSBC money laudering practices :http://www.reuters.com/article/2012/07/16/us-hsbc-compliance-senate-idUSBRE86F18220120716 .