Mexican regulators fine HSBC £17.7m for poor money-laundering controls
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Mexican regulators have fined HSBC £17.7m for its failure to comply with money laundering regulations.
The Mexico National Banking and Securities Commission said it had imposed the fine against HSBC over “non compliance with anti-money laundering systems and controls”.
HSBC Mexico issued a statement acknowledging its failure to report 39 suspicious transactions as well as being late in reporting 1,729 others.
The BBC says the fine is the highest ever by Mexican regulators and accounts for 51.5 per cent of the profits of HSBC’s Mexican subsidiary.
The news comes only a week after HSBC head of group compliance David Bagley quit his role at the firm over allegations the bank ignored warnings that Mexican drug money was being allowed to pass through the bank.
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