17th Dec 2021 09:09
(Alliance News) - HSBC Holdings PLC has been fined GBP63.9 million by the UK financial services regulator for "failings in its anti-money laundering processes".
The Financial Conduct Authority on Friday said the fine was reduced from GBP91.4 million, as the London-based bank didn't dispute its findings.
The watchdog found weaknesses in three aspects of HSBC's transaction monitoring systems over the eight years from March 2010 to March 2018. These related to risk assessments, systems testing, and data checking.
"HSBC's transaction monitoring systems were not effective for a prolonged period despite the issue being highlighted on numerous occasions," explained Mark Steward, executive director of Enforcement & Market Oversight at the FCA. "These failings are unacceptable and exposed the bank and community to avoidable risks, especially as the remediation took such a long time."
The FCA said HSBC now has undertaken a large-scale remediation programme in its anti-money laundering processes, which the regulator is supervising.
HSBC shares were down 0.5% at 446.05 pence early Friday in London.
By Tom Waite; [email protected]
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