HSBC slapped with nearly £64m fine

HSBC has been fined nearly £64m for failings in its anti-money laundering processes.

The Financial Conduct Authority said it had found “seriou s weakness” in key parts of HSBC’s transaction monitoring systems over a period of eight years, from March 2010 to March 2018.

“HSBC’s transaction monitoring systems were not effective for a prolonged period despite the issue being highlighted on numerous occasions,” said Mark Steward, FCA’s executive director of enforcement and market oversight.

“These failings are unacceptable and exposed the bank and community to avoidable risks, especially as the remediation took such a long time.”

HSBC did not dispute the FCA’s findings and agreed to settle at the earliest possible opportunity, which meant it qualified for a 30 per cent discount, the FT reported.