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HSBC fined £64m for failures in anti-laundering processes
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The UK’s financial watchdog has hit banking giant HSBC with a £63.9m fine for failings in its anti-money-laundering processes.
The Financial Conduct Authority (FCA) issued the punishment after finding “serious weaknesses” across HSBC’s automated systems used to monitor hundreds of millions of transactions a month to identify possible criminal activity.
It highlighted three key failings which were found over the eight years from March 2010 to March 2018. This included failures to consider whether
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