HSBC Australia confirms potential money laundering breaches as it works with AUSTRAC

Global banking giant HSBC has quietly outed itself to Australia's financial crime agency for potential breaches of anti-money laundering laws by failing to report transfers to foreign banks and institutions. 

HSBC joins other banks including Commonwealth Bank and Westpac which have been implicated in breaches of anti-money laundering laws. 

ABC's Peter Ryan with this analysis for The World Today.

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