LONDON, (Reuters) – HSBC has been fined $27.5 million in Mexico for lax controls in its anti-money laundering systems, a week after a scathing U.S. Senate report slammed the bank for letting clients shift funds from dangerous and secretive countries.
Mexico’s National Banking and Securities Commission (CNBV) levied the fine against HSBC, Europe’s biggest bank, due to its “non-compliance with anti-money laundering systems and controls” as well as its late reporting of 1,729 unusual transactions, failing to report 39 unusual transactions, and 21 administrative failures.
It is the biggest fine ever charged against a bank by the CNBV, the Mexican regulator said.
The Mexican fine is separate from any settlement the bank might reach with the U.S. Department of Justice.
