By Sabela Ojea

The U.K.'s Financial Conduct Authority said Friday that it has fined HSBC Bank PLC 63.9 million pounds ($85.1 million) due to a lack of efficiency of its transaction monitoring systems and anti-money laundering processes.

The U.K.'s financial regulator said its investigation found that three key parts of the lender's transaction monitoring systems showed significant weaknesses over a period of eight years from March 31, 2010 to March 31, 2018.

The watchdog said that since HSBC didn't dispute its findings and decided to settle as soon as possible, the fine was reduced by 30%. Otherwise the fine would have risen to GBP91.4 million, the FCA said.

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

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

December 17, 2021 02:49 ET (07:49 GMT)

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