HSBC Bank plc fined £63.9 million by FCA for deficient transaction monitoring controls

The FCA has fined HSBC £63,946,800 for failings in its anti-money laundering processes.

HSBC used automated processes to monitor hundreds of millions of transactions a month to identify possible financial crime. However, the FCA found that key parts of the transaction monitoring systems showed serious weaknesses over a period of eight years.

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