HSBC Chief: 'We accept responsibility for our past mistakes'

In a statement, HSBC group chief executive Stuart Gulliver said:

We accept responsibility for our past mistakes. We have said we are profoundly sorry for them, and we do so again. The HSBC of today is a fundamentally different organisation from the one that made those mistakes.

Over the last two years, under new senior leadership, we have been taking concrete steps to put right what went wrong and to participate actively with government authorities in bringing to light and addressing these matters.

While we welcome the clarity that these agreements bring, ensuring the highest standards wherever we do business is an ongoing process.

We are committed to protecting the integrity of the global financial system. To this end we will continue to work closely with governments and regulators around the world.

– Stuart Gulliver, Group Chief Executive

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HSBC's £1.2bn laundering fine

HSBC will pay $1.9 billion (£1.2 billion) to settle a money-laundering probe by US federal and state authorities, the largest paid in such a case. A US Senate investigation said it had been a conduit for "drug kingpins and rogue nations".