HSBC hit by US watchdogs

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HSBC has been ordered to improve its anti-money laundering measures by US watchdogs after a probe found violations of banking laws and rules.

The Federal Reserve issued the UK's biggest bank with a "cease and desist" order "for violating the Bank Secrecy Act and its underlying regulations".

It requires HSBC's US business to take corrective action to improve compliance and risk-management programs.