HSBC FINED GBP63.9 MILLION FOR EIGHT YEARS OF AML FAILURES, INCLUDING FOLLOWING MEXICAN DRUG CARTEL BUST
December 2nd, 2021
THE UK’S Financial Conduct Authority (FCA) has fined HSBC GBP63.9 million (USD84.7 million) for maintaining weak and ineffective suspicious transaction monitoring systems for six years after being fined USD1.9 billion in 2012 for helping launder Mexican drug cartel proceeds.
Following this major fine from the US department of justice, the FCA concluded that the HSBC continued to operate a faulty automatic transaction monitoring system across its global operations. This includes the UK, where it has 13.6 million active customers, generating around 284.8 million ...
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