HSBC Bank Fined $85.1 Million for Anti-Money-Laundering Shortcomings -- Update
17 Dezembro 2021 - 5:39AM
Dow Jones News
By Sabela Ojea
The U.K.'s Financial Conduct Authority said Friday it has fined
HSBC Bank PLC 63.9 million pounds ($85.1 million) because of 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 an eight-year period, 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.
The regulator said the bank's control systems weren't effective
for a long period of time. The FCA described the failings as
"unacceptable" and said they exposed the bank and community to
avoidable risks.
The monitoring systems' issues were highlighted several times,
the regulator said, adding that remediation actions took a long
time to take place.
HSBC failed at appropriately testing and updating the parameters
within the systems that were used to determine whether a
transaction was indicative of potentially suspicious activity, the
FCA said.
"HSBC has undertaken a large-scale remediation program into its
anti-money-laundering processes, which was supervised by the FCA,"
the regulator said.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
December 17, 2021 03:24 ET (08:24 GMT)
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