logo
  

FCA Fines HSBC £63.9 Mln For Deficient Transaction Monitoring Controls

The Financial Conduct Authority or FCA Friday said it has fined Asia-focused British lender HSBC Holdings Plc (HSBC,HSBA.L) about 63.95 million pounds for failings in its anti-money laundering processes.

The financial regulator said that HSBC used automated processes to monitor hundreds of millions of transactions a month to identify possible financial crime.

However, the FCA found that three key parts of the bank's transaction monitoring systems showed serious weaknesses over a period of eight years from March 31, 2010 to March 31, 2018.

HSBC has undertaken a large-scale remediation programme into its anti-money laundering processes, which was supervised by the FCA.

Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA, said, "HSBC's transaction monitoring systems were not effective for a prolonged period despite the issue being highlighted on numerous occasions. These failings are unacceptable and exposed the bank and community to avoidable risks, especially as the remediation took such a long time. HSBC continued their remediation to address these weaknesses after the relevant period."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Deutsche Telekom AG on Friday raised its fiscal 2022 adjusted earnings forecast after reporting significantly higher net profit in its first quarter. Shares of the German telecom major were gaining around 1 percent in the morning trading in Germany. For fiscal 2022, the company now expects to post adjusted EBITDA AL of more than 36.6 billion euros. Yamaha Motor Corp. USA, affiliated to Japanese automaker Yamaha Motor Co. Ltd., is recalling about 4,130 units of Wolverine RMAX Off-Road Side-By-Side vehicles citing fire and explosion hazards, the U.S. Consumer Product Safety Commission said. Van Leeuwen Ice Cream recalled 2,185 frozen 14 oz pints of its non-dairy frozen dessert product "Oat Milk Brown Sugar Chunk" for potentially containing undeclared specific trace of allergens such as tree nuts, cashews and pistachios, the U.S. Food and Drug Administration or FDA said in a statement.
Follow RTT