Current and former bank regulators are likely to face tough questions by a U.S. Senate panel Tuesday about their agency’s oversight of HSBC Holdings Plc’s efforts to stop illegal money flows between its U.S. and international offices, according to people familiar with the situation.
The Senate investigation is expected to be a roadmap for other investigations being conducted by the Treasury and Justice departments, according to people familiar with those inquiries. Those investigations are likely to lead to fines or settlements totaling between hundreds of millions of dollars to $1 billion, they said.
Comptroller of the Currency Thomas Curry, as well as an Office of the Comptroller of the Currency (OCC) lawyer and a former OCC official are scheduled to testify Tuesday before the U.S. Senate Permanent Subcommittee on Investigations, which is releasing a 450-page report Tuesday exposing how money from high-risk corners of the world, including the Middle East and Mexico, moved through the British bank.
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