New regulatory breach, Mossack-Fonseca ties revealed as HSBC profits slide 29%

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A series of legal disclosures confirmed it had received requests for information from regulators around the world about Mossack Fonseca, the Panama law firm linked to tax haven companies, and was continuing to be investigated for tax avoidance activities of its Swiss arm.

Among the legal disclosures was a reference to an order dated October 2010 with the US Office of the Comptroller of the Currency requiring it to set up "effective compliance risk management programme across HSBC's US businesses".

The bank said: "HSBC Bank USA is not currently in compliance with the OCC order. Steps are being taken to address the requirements of the orders."

In February, the bank revealed an official monitor, which the US authorities installed after a $1.9bn fine over money laundering four years ago, had raised significant concerns about the slow pace of change to its procedures to combat crime.