Poor anti-money laundering controls on affiliates and problematic oversight allowed a global bank to process tens of trillions of dollars with little to no compliance checks, according to a U.S. Senate subcommittee. A 2010 Supervisory Letter set to be unsealed Tuesday will show that HSBC Bank USA N.A. failed to monitor $60 trillion in wires annually, some of which were processed in Mexico and other high-risk jurisdictions, the U.S. Senate's Permanent Subcommittee on Investigations (PSI) said in a 335-page report released Monday afternoon. The bank's Mexican affiliate separately shipped as much as $7 billion in bulk cash in a single...