Some of the most egregious activities involved efforts by the bank to assist Mexican drug lords in moving the massive amounts of cash they were receiving through their criminal activity, giving the bank the reputation as the bank of choice for drug gangs, Lynch said.
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 organization from the one that made those mistakes."
"Over the last two years," said Gulliver, "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."