NewStats: 3,262,260 , 8,176,652 topics. Date: Sunday, 01 June 2025 at 04:19 PM 6h5g66

(Reuters) - South Africa's central bank on Friday fined HSBC's (HSBA.L) local business 15 million rand (844,927 pounds) for weaknesses in its processes meant to detect money laundering and terrorism financing, and ordered the bank to fix the problems.

The Prudential Authority (PA), which sits within the South African Reserve Bank (SARB) and monitors the country's lenders, said HSBC's South African branch had already taken the measures required to address the issues.

"Certain weaknesses were identified in HSBC's processes which inhibited HSBC from proactively detecting potential money laundering and the financing of terrorism," the PA said in a statement.

It added HSBC was not found to have facilitated any transactions involving money laundering or the financing of terrorism.

In a statement, the bank said it accepted the sanctions applied by the PA, which followed an inspection in 2016.

"We can confirm that the issues identified by SARB during the 2016 inspection have been fully remediated," the statement said.


While small, the South African fine highlights that HSBC still faces problems with compliance long after pledging to toughen up its controls and after paying billions of dollars in fines for such failures.

It drew a line under one of its most serious cases - failing to prevent Mexican drug cartels from laundering hundreds of millions of dollars - last year, when the U.S. Department of Justice said it would end its deferred prosecution agreement over the matter, lifting the threat of further penalties.

https://uk.mobile.reuters.com/article/amp/idUKKCN1NE1YT

Atiku...

Ok










Enjoy

https://www.youtube.com/watch?v=ASbo5EBkQV8?a

Thank you Sanusi Lamido Sanusi for your reforms in CBN.
Now the world copies.

Ok

Awon temi'n case

*in 9ice's voice*

Alright.

I knew it that these foreign banks are of no good.

y

I said this 3 days ago:

If this report is true, then it must be that the government is fighting corruption especially with the exit of HSBC from Nigeria. They have been fingered many times all over the world for money laundering.


https://www.reuters.com/article/us-hsbc-probe/hsbc-to-pay-1-9-billion-u-s-fine-in-money-laundering-case-idUSBRE8BA05M20121211


on this thread: https://nairaland.unblockandhide.com/4831226/five-leading-uk-banks-aided#72744759

NwaAmaikpe:



Thank you Sanusi Lamido Sanusi for your reforms in CBN.
Now the world copies.

Trolling no dey taya you? Haba since morning

U see when they left people where complaining. But they are nothing but money laundering channel for corrupt individuals.... Good riddance to bad rubbish

atiku don't know when to politicize this bank is a major facilitator of illegal fund worldwide

Buhari sef

hsbc leaving nigeria is a testament to buhari corruption war.imagine the billions of dollars these looters bank have helped wire wire .

america fined the same bank $10billion dollars for money laundering the end of looter and terrorism bank is coming to an end globally.

no wonder the looter/terrorism bank have closed over 200 branches after fowl yansh don blow open

Na dem nau

God bless PMB.

African nations are getting hungry and angry.

Blame Buhari for this

just for having a relax system that might pave way for crime, not like the crime was committed, if na naija, we no go let cbn hear word, you go dey hear sey we dey chase investors away by sanctioning them even when a crime is seen to have been committed.

PDP shld please blame Buhari and APC on this.

HSBC is an institution that helps corrupt leaders keep and manage their stolen wealth.

God bless Sanusi lamido Sanusi for reforming the banking sector in Nigeria.

Atiku over to you oo,cos I know Buhari do us good for sending them packing...

pmb till 2023

israelmao:
African nations are getting hungry and angry.

And wiser.

Topmaike007:
Atiku over to you oo,cos I know Buhari do us good for sending them packing...

Atiku right now

A country that works

Lol since HSBC left Buhari BMC have been searching for bad news about them

Buhari is fighting corruption, I now agree 100% with the exit of HSBC from our land. Corrupt bank