HSBC fined £64m for anti-money laundering failings

Banking giant HSBC has been fined £63.9m by the UK's financial regulator for "Unacceptable failings" of its anti-money laundering systems. The Financial Conduct Authority said weaknesses in HSBC's financial crime safeguards had been highlighted several times before action was taken. The bank has not disputed the findings and agreed to settle, resulting in its fine being being cut from £91m.HSBC's failings cover a period of eight years, from 2010 to 2018, the FCA said. In a statement, an HSBC said: "We are pleased to resolve this matter, which relates to HSBC's legacy anti-money laundering systems and controls in the UK."HSBC is deeply committed to combating financial crime and protecting the integrity of the global financial system." Last week, banking rival NatWest was fined £265m after admitting it failed to prevent money-laundering of nearly £400m by one firm.

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