HSBC criticised for 'sustained and systemic failure'

US Attorney for the Eastern District of New York, Loretta A. Lynch, has announced the filing of criminal charges against HSBC for its "sustained and systemic failure to guard the corruption of our financial system against drug traffickers and other criminals".

Failures at HSBC led to the London-based bank being used as a conduit for "drug kingpins and rogue nations", a 300-page report compiled for a US Senate committee found.

The bank has been fined $1.9bn (£1.2bn).