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HSBC fined £63.9m for catastrophic transaction monitoring failings

Compliance Monitor

HSBC fined £63.9m for catastrophic transaction monitoring failings

The FinancialConduct Authority has fined HSBC Bank plc, the United Kingdom part of theglobal group, £63,946,800 (US$84.7 million) for fundamental flaws in thecalibration and working of two automated transaction monitoring systems between31 March 2010 and 31 March 2018. [1] Compounding regulatory non-compliancemeant that transactions “in the millions in volume and billions of pounds invalue were either monitored incorrectly or not at all”. [2]

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