Video: HSBC's head of compliance quits after money laundering allegations HSBC Holdings told a US Senate panel that it has made mistakes and that it has dealt head-on with allegations of pervasive money-laundering through bank accounts, and has overhauled how it polices transactions, exited lucrative businesses and shaken up executive leadership. "I recommended to the group that now is the appropriate time for me and for the bank, for someone new to serve as the head of group compliance," he said. The resignation was part of HSBC's effort to apologise and show that it has cleaned up its act, even as the bank faces fresh questions about whether it has really fixed major flaws in catching and stopping money laundering. Senator Carl Levin, who chairs the Senate's Permanent Subcommittee on Investigations, kicked off the hearing by detailing how HSBC's lapses have systematically allowed suspicious actors to access the US banking system. Apologies and commitments to improve are also welcome. But accountability for past conduct is essential and that's what's missing here," Mr Levin said, adding that the bank's charter could be at risk if it did not do better. The bank is still facing a Justice Department investigation could soon yield a fine that dwarfs the record $619 million that Dutch bank ING agreed in June to pay to settle similar accusations.