BeyondFS’ Post

HSBC is hit with a £57.4M fine by the Bank of England for a seven-year compliance breach, failing to safeguard billions in customer deposits. The Prudential Regulation Authority deems the missteps 'so significant' that they undermine the bank's readiness for resolution. CEO Noel Quinn faces the challenge of rebuilding the institution's reputation and compliance after previous setbacks. #HSBC #BankingNews #ComplianceFail #HSBCFine #BankingPenalty #DepositProtection #FinancialRegulation #PRAFine #HSBCReputation #FinancialMissteps #NoelQuinn #FinancialCompliance #BankingOversight #RegulatoryIssues #FinancialServices #PRAEnforcement #BankingBlunders #ComplianceChallenges #FSCSProtection #FinancialMatters #CorporateAccountability

HSBC fined £6.2 million by the Financial Conduct Authority over treatment of customers in financial difficulty Our latest regulatory gap analysis is here containing many important themes for lenders regarding the treatment of customers in arrears and a lot of reflections with regards to the #ConsumerDuty. How confident are you that your controls can stand up to the regulator’s expectations? #gapanalysis https://lnkd.in/e2sFyf5c

On 30 January 2024, HSBC was fined £57.4 million. In case you missed the detail, the fine was imposed after the bank failed to correctly identify deposits that were eligible for protection under the Financial Services Compensation Scheme (FSCS) for seven years, between 2015 and 2022. HSBC Bank – one of HSBC’s subsidiaries – was found to have incorrectly marked 99% of its eligible beneficiary deposits as “ineligible” for FSCS protection. Interested in learning more? Check out our latest blog where we break down the impact of complex regulations on the world’s biggest banks, and discuss what hope small financial firms have. Link in the comments below! 👇

On 30 January 2024, HSBC was fined £57.4 million. In case you missed the detail, the fine was imposed after the bank failed to correctly identify deposits that were eligible for protection under the Financial Services Compensation Scheme (FSCS) for seven years, between 2015 and 2022. HSBC Bank – one of HSBC’s subsidiaries – was found to have incorrectly marked 99% of its eligible beneficiary deposits as “ineligible” for FSCS protection. Interested in learning more? Check out our latest blog where we break down the impact of complex regulations on the world’s biggest banks, and discuss what hope small financial firms have. Link in the comments below! 👇

On 30 January 2024, HSBC was fined £57.4 million. In case you missed the detail, the fine was imposed after the bank failed to correctly identify deposits that were eligible for protection under the Financial Services Compensation Scheme (FSCS) for seven years, between 2015 and 2022. HSBC Bank – one of HSBC’s subsidiaries – was found to have incorrectly marked 99% of its eligible beneficiary deposits as “ineligible” for FSCS protection. Interested in learning more? Check out our latest blog where we break down the impact of complex regulations on the world’s biggest banks, and discuss what hope small financial firms have. Link in the comments below! 👇

The HSBC Money Laundering Scandal: A Comprehensive Overview (REPOST: learnsignal.com) The HSBC money laundering scandal was a major financial crisis that had significant consequences for the bank and its stakeholders. The allegations of money laundering and other financial crimes were a major blow to the bank’s reputation and financial stability, and the scandal had a lasting impact on the bank’s performance and reputation. In this blog post, we will take a comprehensive look at the HSBC money laundering scandal. We will explore the events and allegations that led to the scandal, the investigations and legal actions taken against the bank, and the consequences of the scandal for HSBC and its stakeholders. We will also discuss the lessons that can be learned from the scandal, and the steps that HSBC has taken to repair its reputation and prevent similar incidents in the future. The Background HSBC is a multinational bank headquartered in London, United Kingdom. The bank was founded in 1865 and has operations in over 60 countries around the world. HSBC is one of the largest banks in the world by total assets, and it is a major player in the global banking industry. Regulatory bodies heavily regulate the global banking industry, enforcing laws and regulations that ensure the financial system’s stability and integrity. They design these regulations to prevent financial crimes, especially money laundering, which involves disguising the proceeds of illegal activities as legitimate funds. Money laundering can have serious consequences for the global financial system, including undermining the integrity of financial institutions and destabilizing economies. The Allegations (click link below for more) https://lnkd.in/e7SuTANw #moneylaundering #bankingscandal #criminalactivity #uslaws #sanctions #profitmotive #greed #usjusticedepartment #ustreasury #lapseoversight #iommu #nextshoe2drop #iykyk

JP Morgan Chase, a leading name in global banking, recently faced a staggering $250 million civil money penalty, as enforced by the Office of the Comptroller of the Currency (OCC). The hefty fine was imposed due to the bank’s failure to maintain robust internal controls and an adequate internal audit over its fiduciary business—a situation deemed as engaging in unsafe or unsound practices. Let’s dissect what went wrong, the implications, and the lessons that can be learned from this incident. Read more on our latest blog 👉https://hubs.li/Q02fCtq_0

#aml #antimoneylaundering #moneylaundering #financialcrime #fincrime An interesting case. Also, who remembers the 2012 NY DFS consent order for Standard Chartered? If you don’t, then check out page 13 which includes information about a instruction manual/procedure document the bank made for employees, with step-by-step wire stripping instructions - yes, you read that right (check it out, link in the comments). Check it out on The Laundry® at: thelaundrynews.com

Citi Fined $79 Million by UK Regulators Over 'Fat-Finger' Failures!!   UK regulators have fined Citigroup $78.5 million (£61.6 million) for significant control failings in its trading operations, marking one of the largest sanctions for such breaches. The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) conducted the investigation, which revealed deficiencies from April 2018 to May 2022.   A major incident occurred in May 2022 when a trader's "fat-finger" error resulted in a $444 billion order instead of the intended $58 million, causing a sharp fall in European stock indices. The error led to $1.4 billion in mistaken sell orders, highlighting the inadequacies in Citi's electronic trading controls. @Reuters : https://lnkd.in/dAWNy6Gp @FT.com : https://lnkd.in/d2EGVJWf

HSBC has recently been hit with a £6.2million fine by the FCA for its 'inadequate measures' in ensuring fair treatment for customers facing financial difficulties or falling into arrears. In light of this, along with the PS24/2 guidance and the Consumer Duty, there is a heightened need for lenders to reassess their customer safeguarding protocols. At this critical juncture, it is imperative for firms to evaluate and enhance their processes to uphold fair treatment standards for borrowers. Read on >> https://bit.ly/45tto88 #consumerduty #implementation #compliance #regulatorychange #governance #evidencing #MI #financialservices #fairvalue #vulnerability