HSBC fined £64m over anti-money laundering failings

Mark Battersby
clock • 2 min read

The UK's Financial Conduct Authority has fined HSBC Bank (HSBC) £63,946,800 for failings in its anti-money laundering processes. In a statement on 17 December, the FCA said HSBC used automated processes to monitor hundreds of millions of transactions a month to identify possible financial crime. However, the FCA found that three key parts of HSBC's transaction monitoring systems showed serious weaknesses over a period of eight years from 31 March 2010 to 31 March 2018. It said HSBC failed to: Consider whether the scenarios used to identify indicators of money laundering or te...

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