Mexico's banking regulator on Tuesday defended its role in a money laundering scandal engulfing HSBC Holdings Plc, saying it had repeatedly told the bank to improve lax controls over suspect funds passing through its accounts.
The CEO of the U.S. division of the big international bank HSBC is apologizing for lax controls that lawmakers say allowed Mexican drug cartels to launder billions of dollars through the US operation and many other illicit transactions for years.