LONDON: The British financial regulator said on Friday that he had fined HSBC 63.95 million pounds ($ 85.16 million) for failure in the anti-money laundering process.
The Financial Behavior Authority (FCA) said that three key parts of the HSBC transaction monitoring system showed serious weaknesses for eight years from March 31, 2010 to March 31, 2018.
Regulators said that HSBC has made string failure, including inadequate monitoring of the financing scenario Money and terrorist financing until 2014, and bad risk assessment of “new scenarios” after 2016.
HSBC is also found to have improper testing and not check the accuracy and completeness of the data in the monitoring system.
“This failure is unacceptable and exposes banks and communities for avoidable risks, especially because remediation takes a long time,” said Mark Steward, executive director at FCA.
HSBC did not deny the findings, resulted in the sentence deducted from 91 million pounds, said the regulator.
“We are happy to overcome this problem, which is related to the HSBC Heritage anti-money system and control in the UK,” said HSBC spokesman in a statement.
“HSBC is very committed to combating financial crime and protecting the integrity of the global financial system.”
HSBC was fined $ 85 million for anti-money laundering failure
