Regulator the Financial Conduct Authority issued the punishment after finding “serious weaknesses” in the bank’s processes. The penalty comes nine years after HSBC agreed to a £1.4billion settlement in the US over allegations that it allowed Mexican drugs cartels to launder hundreds of millions of dollars.
Under that deal, HSBC pledged to strengthen its anti-money laundering controls. Yet the latest fine relates to failures that happened after that date, from 2010 but through to March 2018.
This story is from the December 18, 2021 edition of Daily Express.
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This story is from the December 18, 2021 edition of Daily Express.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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