HSBC an ‘isolated’ case in Mexico -banks’ association

Reuters, 7/27/2012

The money-laundering scandal that hit HSBC Holdings Plc in Mexico was an isolated case in Latin America’s second-biggest economy, the head of the country’s banks association (ABM) was quoted as saying on Friday.

Mexico’s National Banking and Securities Commission (CNBV) levied a $27.5 million fine against the British bank after a scathing U.S. Senate report last week slammed HSBC for letting clients shift funds from dangerous and secretive countries.

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