WASHINGTON – Global banking giant HSBC and its U.S. affiliate exposed the U.S. financial system to a wide array of money laundering, drug trafficking, and terrorist financing risks due to poor anti-money laundering (AML) controls, a Senate Permanent Subcommittee on Investigations probe has found.
Do note that the claim is not that money laundering, drug trafficking and terrorist financing went on.
It is that the bureaucratic system to check that they were not is deemed insufficient.
Still very naughty, of course, for the law is indeed the law. But it is a little different from what the usual suspects will be crowing about.