HSBC official resigns over drug money scandal

Compliance chief at Europe's largest bank quits over US inquiry that revealed porous anti-money laundering practices.

The head of compliance at HSBC has resigned from his position and apologised after a US senate investigation found that Mexican drug cartels laundered billions of dollars through its US division.

David Bagley told the senate investigations panel on Tuesday that he will remain at the London-based bank in a new role.

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