FCA Fines HSBC for Weaknesses in the Implementation of AML Policies

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The United Kingdom’s Financial Conduct Authority (FCA) has fined HSBC Bank plc nearly GBP64 million for shortcomings in implementing its anti-money laundering (AML) policies. HSBC has used automated processes to monitor transactions and identify possible financial crimes. However, the FCA has revealed that key parts of HSBC’s transaction monitoring systems showed serious weaknesses between 2010 and 2018. HSBC has agreed to settle the fine as soon as possible, which means it will receive a 30% discount. Otherwise, the FCA would have imposed a financial fine of nearly GBP92 million.

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