FCA found ‘serious weaknesses’ in systems used to monitor for possible criminal activity in transactions
The UK’s financial watchdog has hit banking giant HSBC with a £63.9m fine for failings in its anti-money-laundering processes.
The Financial Conduct Authority (FCA) issued the punishment after finding “serious weaknesses” across HSBC’s automated systems used to monitor hundreds of millions of transactions a month to identify possible criminal activity.
