by Olver Tree:
"HSBC [London: HSBA] became the latest banking giant mired in scandal after it emerged Thursday that the British lender could be fined up to $1 billion for failing to implement sufficient money laundering controls.
"According to an internal memo, HSBC revealed that it will "acknowledge and apologize" to a U.S. Senate committee next week for failing to spot money laundering activity that could have been used to finance terrorism and organized crime.
"The latest banking scandal follows the record fines slapped on fellow British bank Barclays [London:BARC] for its part in fixing the Libor-rate.
"As reported by Dow Jones, the internal memo says HSBC will acknowledge that it failed to implement the appropriate systems and controls necessary to prevent the possible financing of terrorism and other criminal activities through money laundering from 2004 to 2010. ..."