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Originally published Tuesday, July 17, 2012 at 5:51 PM

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News Summary: HSBC compliance chief resigns

HSBC OFFICIAL RESIGNS: The head of compliance at Europe's largest bank, HSBC, resigned from his position and apologized after a Senate investigation found the bank had lax controls that exposed it to money laundering and terrorist financing. David Bagley told the Senate investigative panel that he will remain at the London-based bank in a new role.

The Associated Press

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HSBC OFFICIAL RESIGNS: The head of compliance at Europe's largest bank, HSBC, resigned from his position and apologized after a Senate investigation found the bank had lax controls that exposed it to money laundering and terrorist financing. David Bagley told the Senate investigative panel that he will remain at the London-based bank in a new role.

CHANGES AT BANK: Bagley and other HSBC executives said at the hearing that the bank has made deep changes to its policies and corporate culture to prevent further exposure to illicit transactions.

SKEPTICAL SENATORS: But senators expressed skepticism. They noted that the problems persisted for seven years.

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