Potential ML breaches in Australia reported by HSBC
The breaches involved small amounts of cross-border foreign currency transactions, including non-banking financial institutions that the UK-based bank was unable to properly report for technical reasons.
The 2019 annual report of HSBC's Australian subsidiary said it had flagged the potential breaches to AUSTRAC, a government agency that combats money laundering and financial crime. HSBC said they would not comment further on its engagement with regulators.
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