FCA found ‘serious weaknesses’ in systems used to monitor for possible criminal activity in transactions
HSBC will pay a £63.9m fine after UK regulators found that it had allowed customers to make transactions worth millions or even billions of pounds without being checked for money laundering – including on one occasion leaving out the whole of Wales from monitoring.
The Financial Conduct Authority (FCA), the UK’s banking regulator, issued the punishment on Friday after finding “serious weaknesses” across HSBC’s automated systems used to monitor hundreds of millions of transactions a month to identify possible criminal activity.
