Key failings meant suspicious activities were not immediately identified, regulator finds
The HSBC building in the Canary Wharf business district in London. Picture: BLOOMBERG/JASON ALDEN
HSBC Bank failed to comply with money laundering regulations between 2010 and 2018 because its policies and procedures for two of its key automated transaction monitoring systems were “not appropriate or sufficiently risk sensitive”, the regulator said in a statement on Friday. One customer had connections to an individual who was already under British police scrutiny over potential suspect money via an unexplained wealth order. Another customer had possible links to a terrorist organisation.
HSBC’s failings were considered to be “particularly serious because many of the failings occurred over a prolonged period of time despite numerous internal and external reports highlighting these failings throughout the relevant period”, the regulator said. “This meant that for a prolonged period of time HSBC failed adequately to detect and report potentially suspicious activity.
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