From the transcript of a March 7 Senate Banking Committee hearing on enforcement of the Bank Secrecy Act of 1970, which requires U.S. financial institutions to help the federal government prevent money laundering. Elizabeth Warren is a Democratic senator from Massachusetts; David Cohen is the Treasury’s undersecretary for terrorism and financial intelligence; Jerome Powell is a governor of the Federal Reserve.

elizabeth warren: In December, HSBC admitted to laundering $881 million for Mexican and Colombian drug cartels, and also admitted to violating our sanctions against Iran, Libya, Cuba, Burma, the Sudan. They didn’t do it just one time.…