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BREAKING: HSBC fined £63.9 Million (€75 Million) by UK’s Financial Conduct Authority for ‘serious weaknesses’ in AML framework

By Elizabeth Hearst for AMLi

International lender HSBC has been slapped with a £63.9 Million (€75 Million) fine by the UK’s Financial Conduct Authority for “deficient transaction monitoring controls”. 

In a statement, the FCA said HSBC used automated processes to monitor millions of transactions every month to identify financial crime. The FCA found that three key parts of these systems showed “serious weaknesses” over an eight year period. 

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