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HSBC fined $85 million for anti-money laundering failings -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The HSBC logo can be seen at Canary Wharf, London’s financial district, on March 3, 2016. REUTERS/Reinhard Krause//File Photo

LONDON (Reuters – Britain’s financial regulator has fined HSBC 63.95 Million Pounds ($85.16M) because of its failings in the anti-money laundering process.

Financial Conduct Authority (FCA), stated that it found three critical parts of HSBC’s transaction monitoring system had serious flaws over a time period of eight years, from 31 March 2010, to 31 March 2018,

The regulator stated that HSBC had committed a series of failures including poor monitoring of terrorist financing and money laundering scenarios up to 2014 and poor risk assessments of new scenarios after 2016.

HSBC was also found guilty of having performed inappropriate testing.

Mark Steward, the executive director at FCA, stated, “These failures are unacceptable” and that they exposed the community and bank to avoidable risk.

HSBC was not able to dispute the findings. The regulator deducted a penalty of 91 million pounds.

A spokesperson for HSBC stated that they were pleased to settle the matter. It concerns HSBC’s anti-money laundering legacy systems and controls in Britain.

“HSBC is committed to fighting financial crime and protecting integrity of the global financial systems.”

($1 = 0.7509 pounds)

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