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HSBC fined £64m for failings in its anti-money laundering processes

FCA: ‘These failings are unacceptable and exposed the bank and community to avoidable risks’

HSBC did not dispute the FCA's findings and qualified for a 30% discount on the fine
HSBC did not dispute the FCA's findings and qualified for a 30% discount on the fine Photo: Alamy Stock Photo

The City watchdog has fined HSBC £63.9m for “serious weaknesses” in its anti-money laundering processes.

The Financial Conduct Authority said in a 17 December statement that it found weaknesses in three parts of the bank’s transaction monitoring systems between 31 March 2010 and 31 March 2018.

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