Potential ML breaches in Australia reported by HSBC

Thursday 9 April 2020 13:11 CET | News

HSBC has reported itself to Australia's financial regulator for possible breaches of AML rules, the bank disclosed in a regulatory filing by its Australian subsidiary.


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.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: HSBC, money laundering, breaches, Australia, financial regulator, AML, bank, financial institutions, UK, financial crime, regulators
Categories: Fraud & Financial Crime
Countries: Australia, United Kingdom
This article is part of category

Fraud & Financial Crime