HSBC Contrite over Laundering Report

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WASHINGTON -- The top compliance officer at HSBC announced his resignation on Tuesday as other top bank officials and the U.S. Comptroller expressed regret in response to a scathing Senate report about lax money-laundering prevention.

Officials from London-based HSBC Holdings appeared at a hearing by the Senate permanent subcommittee on investigations, which issued the report. David Bagley, the top compliance officer at the bank, announced his intention to resign, saying it was the "appropriate time."

"We deeply regret and apologize for the fact that HSBC did not live up to our own expectations or the expectations of our regulators, our customers, our employees …