HSBC provided a conduit for "drug kingpins and rogue nations" according to a US senate committee investigating money laundering claims at the bank.
A Senate report said suspicious funds from countries including Mexico and Syria had passed through the bank.
HSBC is set to apologise for its wrong-doing when officials give their evidence at Tuesday's Senate hearing.
Senator Carl Levin said HSBC's lack of controls at its US and overseas units had been "a recipe for trouble".
Mr Levin is chairman of the Senate Permanent Subcommittee on Investigations which is looking into HSBC's activities between 2006 and 2010.
The subcommittee, which began at 13:30GMT, heard first from, David Cohen, Under Secretary for Terrorism and Financial Intelligence and Leigh Winchell, assistant director, of the customs enforcement unit ICE, which is part of Homeland Security.
In a statement, Europe's largest bank, said it expected to be held accountable for what went wrong. BBC
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