By Elizabeth Hearst for AMLi
International lender HSBC has been slapped with a £63.9 Million (€75 Million) fine by the UK’s Financial Conduct Authority for “deficient transaction monitoring controls”.
In a statement, the FCA said HSBC used automated processes to monitor millions of transactions every month to identify financial crime. The FCA found that three key parts of these systems showed “serious weaknesses” over an eight year period.
Subscribe now to have unlimited access
With our subscription, you will have unlimited access to the AML Intelligence site, updated daily with the latest analysis, opinion, and breaking news across the sector, newsletter delivered twice per week, access to our Global Bank Fines & Penalties database, free access to Boardroom Series and more!
