Apr 8, 2020
HSBC reports potential money laundering breaches
HSBC has told Australia's financial crime agency that it may have broken anti-money laundering and counterterrorism financing laws by failing to report transactions it facilitated with foreign banks and other institutions. The British lender is the latest financial institution to flag potential money laundering compliance failings in Australia. HSBC raised the potential breach of money laundering laws in a note in the annual report of its Australian subsidiary, which was first reported by Banking Day, an online newsletter. The bank did not specify the number of potential legal breaches. HSBC has encountered difficulties with global regulators in relation to breaches of money laundering legislation in the past.
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