The U.K.’s Financial Conduct Authority said Friday that it has fined HSBC Bank PLC 63.9 million pounds ($85.1 million) due to a lack of efficiency of its transaction monitoring systems and anti-money laundering processes.
The U.K.’s financial regulator said its investigation found that three key parts of the lender’s transaction monitoring systems showed significant weaknesses over a period of eight years from March 31, 2010 to March 31, 2018.
The watchdog said that since HSBC HSBC, +3.09% HSBA, -0.46% didn’t dispute its findings and decided to settle as soon as possible, the fine was reduced by 30%. Otherwise the fine would have risen to GBP91.4 million, the FCA said.
“HSBC has undertaken a large-scale remediation program into its anti-money laundering processes, which was supervised by the FCA,” it said.
Write to Sabela Ojea at [email protected]; @sabelaojeaguix
