02/03/2013 13:39 GMT | Updated 02/03/2013 13:57 GMT

HSBC Chief Executive Stuart Gulliver To Receive '£2 Million Bonus', Bank Refuses To Comment

The chief executive of HSBC will reportedly receive a bonus package of around £2 million, despite the bank being forced to set aside £950 million last year following exposure for money laundering and mis-selling.

HSBC refused to comment on the reports emerging on Saturday evening.

According to Sky News, Stuart Gulliver will not be able to cash in the windfall until after he retires, part of a deferred payment programme.

Gulliver's bonus will not be available until after he retires

The bonus is for 2012 - a year in which the bank's head of compliance resigned in front of a US Senate sub-committee.

The bank exposed the US to billions of dollars worth of money laundering, drug trafficking and terrorist financing.

David Bagley, who had been HSBC head of group compliance since 2002, stepped down before the Homeland Security and Governmental Affairs sub-committee after its findings were published.

Gulliver later apologised for "the mistakes of the past" as it set aside a further 1.5 billion US dollars (£950 million) to cover the cost of the scandal.

HSBC will release its full-year results on Monday when it is also expected to announce Gulliver's bonus as part of a multi-million pound pay package.

Tonight, the bank declined to comment.

The banking giant appointed a team of heavyweights including a former UK tax chief as part of a crackdown on financial crime following its money laundering settlement.

Dave Hartnett, previously permanent secretary for tax at HM Revenue & Customs, and Bill Hughes, the former head of the Serious Organised Crime Agency, were among a number of advisers leading a new financial crime committee, reporting directly to the board.

HSBC also hired former US deputy attorney general Jim Comey to its board as one of three non-executives to sit on the committee.

The move came in the wake of HSBC's record settlement with US regulators in December over accusations it allowed rogue states and drug cartels to launder billions of pounds through its US arm.

The Financial Services Authority (FSA) ordered the bank to establish a committee and independent monitor to oversee anti-money laundering activities after the alleged breaches.