HSBC Fined $85M Over Flawed Money Laundering Controls
By Lucia Osborne-Crowley (December 17, 2021, 11:17 AM GMT) -- Britain's finance watchdog said on Friday that it has fined HSBC Bank PLC £63.95 million ($85 million) after an investigation exposed "serious weaknesses" in the banking giant's anti-money laundering controls between 2010 and 2018.
Transaction monitoring systems at HSBC "were not effective for a prolonged period," the City watchdog has said. (AP Photo/Frank Augstein) The Financial Conduct Authority said the bank had failed to identify whether its monitoring protocols responded to relevant money laundering risks. The lender also failed to test and update the system to reflect emerging risks — and failed to check the accuracy of data being fed into...
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