HSBC fined with $64 Million Pounds for its Anti-money Laundering Failings

British Regulators have fined HSBC, the financial services holding company, 64 million pounds for failing in the anti-money laundering process for eight years. The company was fined due to its weaknesses in the three key parts of HSBC's transaction monitoring system in Britain.

The FCA also found inadequate monitoring of money laundering including terrorist financing scenarios till 2014 along with risks of new scenarios. The executive director at FCA, Mark Steward has said that such failures are unacceptable and shows the carelessness of the bank regarding these serious matters. The original amount of the fine was 91 million pounds, but HSBC not disputing the claims reduced it to 64 million pounds. 

Previously, the company paid $1.9 billion to the U.S. regulators for working as a middleman for the Mexican drug cartels.