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FCA fines HSBC £64m for failings in its AML processes

December 21, 2021


The FCA claims HSBC’s transaction monitoring systems showed “serious weaknesses” over a period of eight years from March 2010 to March 2018.

The regulator says HSBC did not dispute its findings and agreed to settle “at the earliest possible opportunity”.

As a result, the bank’s total fine was discounted by 30% from £91,352,600 down to £63,946,800.

In particular, the FCA says HSBC failed to “consider whether the scenarios used to identify indicators of money laundering or terrorist financing covered relevant risks until 2014; and carry out timely risk assessments for new scenarios after 2016”.

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