The Financial Conduct Authority (FCA) said weaknesses in HSBC's financial crime safeguards had been highlighted several times before action was taken. The bank has not disputed the findings and agreed to settle, resulting in its fine being cut from GBP 91 million.
HSBC's failings cover a period of eight years, from 2010 to 2018, the FCA said. The regulator said there was inadequate monitoring of money laundering and terrorist financing scenarios until 2014, and poor risk assessment of ‘new scenarios’ after 2016. The bank was found to have had inappropriate testing and did not check the accuracy and completeness of data.
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