Compliance Monitor
HSBC fined £63.9m for catastrophic transaction monitoring failings
By Timon Molloy andKeith Nuthall
The FinancialConduct Authority has fined HSBC Bank plc, the United Kingdom part of theglobal group, £63,946,800 (US$84.7 million)
for fundamental flaws in thecalibration and working of two automated transaction monitoring systems between31 March 2010 and
31 March 2018. [1] Compounding regulatory non-compliancemeant that transactions “in the millions in volume and billions of
pounds invalue were either monitored incorrectly or not at all”. [2]