HSBC to spend $700 million vetting clients

HSBC will spend $700m on a global "know your customer" programme, as part of a 26-point plan agreed with US regulators to settle money laundering and sanctions breaches .

The UK bank, which signed up to the A-Z programme of management changes covering both its US and global operations, reiterated apologies for its failure to prevent Mexican money launderers and countries subject to sanctions, including Iran, from using its network ... READ MORE