The top executive in charge of HSBC's anti-money laundering programs told lawmakers he is stepping down in the wake of a Senate investigation into risky practices at the global banking giant.

The Senate Permanent Subcommittee on Investigation on Tuesday aired findings of a year-long investigation that alleged HSBC's US bank became a conduit for money-launderers and potential terrorist financiers. A report released ahead of the hearing also found "systemic failures" at its main US government regulator, the Treasury Department's Office of the Comptroller of the Currency.