HSBC fined $85 mln for money laundering failings

Banking giant HSBC has been fined 64 million pounds- roughly $85 million - by British regulators for failings in its anti-money laundering processes.

The Financial Conduct Authority said it had found that three key parts of HSBC's transaction monitoring systems in Britain showed serious weaknesses over a period from 2010 to 2018.

The fine comes amid a renewed crackdown by the regulator on money laundering failures.

Earlier this week, domestic rival NatWest was fined by a British court for failing to prevent the laundering of nearly 400 million pounds - or about $532 million.

Some of the cash was deposited at the bank in garbage bags.

Regulators said HSBC had made a string of errors, including inadequate monitoring of money laundering and terrorist financing scenarios.

HSBC did not dispute the findings.

A bank spokesperson said in a statement, quote:

"HSBC is deeply committed to combating financial crime and protecting the integrity of the global financial system."

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