HSBC has been fined £64m by British regulators for failings in its anti-money laundering processes spanning eight years.
UK’s Financial Conduct Authority finds three key parts of HSBC’s transaction-monitoring systems in Britain showed serious weaknessesThe HSBC building in the Canary Wharf business district in London. Picture: BLOOMBERG/JASON ALDEN
The FCA said HSBC had made a string of failings, including inadequate monitoring of money laundering and terrorist financing scenarios until 2014, and poor risk assessment of"new scenarios" after 2016. HSBC also failed to detect a customer imprisoned for smuggling cigarettes into the UK and ordered to pay £1.2m by the HMRC tax office, where the bank missed"a sustained period of unusual activity," the FCA said.
"We are pleased to resolve this matter, which relates to HSBC’s legacy anti-money laundering systems and controls in the UK," a HSBC spokesperson said in a statement.
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