Halister News

(Bloomberg) -- HSBC Holdings Plc is under investigation by the U.K. regulator over money laundering and financial crime controls, according to the bank’s annual report.

• HSBC made the disclosure Tuesday
• Stuart Gulliver, HSBC chief executive officer, told reporters on a call the bank is facing possible fines
• “As we’ve increased the quality of our controls we’ve obviously been able to identify more bad actors within the 37 million customer base,” said Gulliver. “The nature of such a large client base is as you dig into it and tighten it up you will find these kind of things”
• The bank is already subject to a number of agreements with U.K. and U.S. authorities entered into in December 2012 related to inadequate compliance measures
• NOTE: HSBC Misses Profit Estimates on Revenue Drop, Deepens Cost Cuts