Senate starts HSBC investigation

HSBC Holdings is being investigated for money-laundering by a US Senate panel, which could result in a congressional hearing being scheduled within a matter of months. While the focus of the probe is not yet known, this is the latest in a string of banks exposed by US officials for managing transactions on behalf of countries believed to sustain corruption and criminal activity. Global banks have forked out more than $1.2bn in penalties since 2008 for violating anti-money laundering regulations.