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HSBC has received a £ 64m fine and has been widely criticized by UK authorities for “serious shortcomings” over its eight-year spending spree.
The Financial Conduct Authority reported that, between March 2010 and March 2018, HSBC had several AML failures. It included the inconsistency of the data used to assess the risk of suspicious activity, not only to test and refine its systems that reflect suspicious activity, but also to ignore the accuracy and completeness of the data that was collecting AML checks.
“HSBC’s monitoring systems have not been effective for a long time despite the fact that this issue has been raised several times,” said Mark Steward, head of security and market management at FCA.
“These shortcomings are unacceptable and put banks and individuals at risk of avoidance, especially as the repairs took a long time. HSBC continued to address these shortcomings over time.”
The fine would have been in excess of £ 91m with no 30 percent discount on initial repayments.
In a statement, HSBC stated that it “initiated a major restructuring of its financial resources” in 2012. “Recently, as FCA noted, HSBC has made significant investments in new and innovative technologies in the market that go beyond the old-fashioned way of monitoring events. and economic crime and safeguarding the integrity of the global economic system. “
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