HSBC had already been put on notice about potential weaknesses in its systemsHSBC has been fined £63.9 million for failings over eight years that may have led to terrorist financiers, modern slavers and fraudsters going undetected. The Financial Conduct Authority unearthed extraordinary flaws in HSBC’s anti-money-laundering systems in the UK, including a glitch that meant a client could increase their spending activity by 500,000 per cent without raising a red flag. SponsoredFor a while in 2011 all reporting of suspicious activity in Wales was suppressed by its computer systems, meaning that 89,000 unusual transactions by retail customers were ignored. The FCA found hard evidence that HSBC failed to notice suspicious activity on the account of a company director later imprisoned for VAT fraud and a cigarette smuggler who was also jailed. The catalogue of failings from 2010

Source: The Times December 18, 2021 00:16 UTC