HSBC fined UK£63.9m for catastrophic transaction monitoring failings

By Timon Molloy and Keith Nuthall

The UK Financial Conduct Authority (FCA) has fined HSBC Bank plc, the UK part of the global group, UK£63,946,800 (US$84.7 million) for fundamental flaws in the calibration and working of two automated transaction monitoring systems between 31 March 2010 and 31 March 2018. [1] Compounding regulatory non-compliance meant that transactions “in the millions in volume and billions of pounds in value were either monitored incorrectly or not at all”. [2]