Why did HSBC get fined?

Why did HSBC get fined?

HSBC HSBC 2.06% Holdings PLC was fined for inadequate anti-money-laundering controls that the London-based bank used to monitor hundreds of millions of dollars of transactions.

What’s happening to HSBC?

HSBC Holdings plc (‘HSBC’) today announces that it will exit its US domestic mass market retail banking business through several transactions, pending regulatory approval. They include: Exiting 90 branches out of a current branch network of 148 branches.

Is HSBC a dirty bank?

HSBC pays $1.9bn (£1.3bn) and signs a deferred prosecution agreement with the US Department of Justice after it was found to have violated US sanctions and admitted its accounts were used to launder money for criminal networks, including $881m for Mexican drug cartels.

When did HSBC fine money laundering?

In 2017, HSBC was told to pay $1.9bn (£1.4bn) to settle a money-laundering probe by US authorities – the largest penalty of its kind ever paid by a bank. The investigation found Europe’s largest bank failed to prevent Mexican drug cartels from washing hundreds of millions of dollars.

Which bank has been fined the most?

The settlement by BNP Paribas in the U.S. sanctions case for nearly $9 billion ranks among the biggest ever among banks since the early 2000s, and tops the list of those not related to the financial crisis. It is the biggest-ever fine levied against a bank for violating U.S. economic sanctions.

Is HSBC shutting down?

HSBC is to shut a further 69 branches, on top of the 82 it axed last year, claiming the pandemic has accelerated the shift to digital banking. It is the latest in a line of banks to announce it is reducing its network in response to changing customer habits.

What are the disadvantages of HSBC bank?

Present in only eight states and the District of Columbia with fewer than 150 branches.