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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 the scenarios it used until 2014 to identify money laundering and terrorist financing covered relevant risks, as well as “poor” risk assessment of new scenarios after 2016.
The FCA also reported failures to “appropriately test and update the
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