HSBC Holdings fined £63.95mln by FCA for anti-money laundering failings.
HSBC Holdings PLC has been fined £63.95mln by the Financial Conduct Authority (FCA) for failings in its anti-money laundering processes.
The regulator said HSBC had made a string of failings, including inadequate monitoring of money laundering and terrorist financing scenarios until 2014, and poor risk assessment of “new scenarios” after 2016.
HSBC has not disputed the findings, resulting in its penalty being reduced from £91mln and resulting in the final fine of almost £64mln, the regulator said.
An HSBC spokesperson said, “We are pleased to resolve this matter, which relates to HSBC’s legacy anti-money laundering systems and controls in the UK.”
Shares in HSBC Holdings were up 0.06% at 448.55p in mid-morning deals.
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