UK: HSBC FINED £64 MILLION FOR AML FAILINGS

On 17 December, the BBC and others reported that HSBC has been fined £63.9 million by the FCA for “unacceptable failings” of its AML systems.  It said weaknesses in HSBC’s financial crime safeguards had been highlighted several times before action was taken.

https://www.bbc.co.uk/news/business-59689581

https://www.finextra.com/newsarticle/39422/hsbc-fined-639m-for-aml-failings/mobile

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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