The failure of HSBC to clean up its act after an anti-money-laundering deal with America’s justice department has raised the possibility that US authorities may continue to monitor Britain’s biggest bank.

HSBC revealed in its annual report last month that Michael Cherkasky, the independent monitor appointed by regulators in the United States to oversee HSBC’s clean-up, had expressed “significant concerns” about “instances of financial crime”.

Yesterday The Wall Street Journal reported that the lapses uncovered by Mr Cherkasky included sanctions-busting loans to companies exporting miniskirts to Iran and sweets to Syria.

The newspaper also revealed that the bank had opened…

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