FCA fines HSBC Bank plc £63.9 million for deficient transaction monitoring controls

The Financial Conduct Authority in December 2021 fined the U.K. unit of HSBC Holdings Plc 64 million pounds ($85 million) after finding “serious weaknesses” in the automated processes it used to monitor suspicious transactions.

HSBC used automated processes to monitor hundreds of millions of transactions a month to identify possible financial c...

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