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South African Central Bank Fines HSBC For Lax Money Laundering Controls - Business - Nairaland

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South African Central Bank Fines HSBC For Lax Money Laundering Controls by ionsman: 10:52pm On Nov 09, 2018
(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

8 Likes 5 Shares

Re: South African Central Bank Fines HSBC For Lax Money Laundering Controls by ionsman: 10:53pm On Nov 09, 2018
Atiku... grin

25 Likes 4 Shares

Re: South African Central Bank Fines HSBC For Lax Money Laundering Controls by Pabloosas(m): 10:55pm On Nov 09, 2018
Re: South African Central Bank Fines HSBC For Lax Money Laundering Controls by NwaAmaikpe: 10:56pm On Nov 09, 2018
shocked


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

37 Likes 4 Shares

Re: South African Central Bank Fines HSBC For Lax Money Laundering Controls by yeyeboi(m): 10:56pm On Nov 09, 2018
Ok
Re: South African Central Bank Fines HSBC For Lax Money Laundering Controls by Mynd44: 10:56pm On Nov 09, 2018
Awon temi'n case

*in 9ice's voice*

1 Like 1 Share

Re: South African Central Bank Fines HSBC For Lax Money Laundering Controls by faithfull18(f): 10:56pm On Nov 09, 2018
Alright.
Re: South African Central Bank Fines HSBC For Lax Money Laundering Controls by Nobody: 10:57pm On Nov 09, 2018
I knew it that these foreign banks are of no good.

23 Likes

Re: South African Central Bank Fines HSBC For Lax Money Laundering Controls by bewla(m): 10:57pm On Nov 09, 2018
y
Re: South African Central Bank Fines HSBC For Lax Money Laundering Controls by DoTheNeedful: 10:58pm On Nov 09, 2018
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://www.nairaland.com/4831226/five-leading-uk-banks-aided#72744759

50 Likes 4 Shares

Re: South African Central Bank Fines HSBC For Lax Money Laundering Controls by Nobody: 10:59pm On Nov 09, 2018
NwaAmaikpe:
shocked


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

Trolling no dey taya you? Haba since morning

7 Likes 1 Share

Re: South African Central Bank Fines HSBC For Lax Money Laundering Controls by Groovenaija360(m): 10:59pm On Nov 09, 2018
grin
Re: South African Central Bank Fines HSBC For Lax Money Laundering Controls by twilliamx(m): 10:59pm On Nov 09, 2018
U see when they left people where complaining. But they are nothing but money laundering channel for corrupt individuals.... Good riddance to bad rubbish

49 Likes 5 Shares

Re: South African Central Bank Fines HSBC For Lax Money Laundering Controls by Nobody: 11:01pm On Nov 09, 2018
atiku don't know when to politicize this bank is a major facilitator of illegal fund worldwide

45 Likes 3 Shares

Re: South African Central Bank Fines HSBC For Lax Money Laundering Controls by Kenekingisback: 11:01pm On Nov 09, 2018
Buhari sef angry

1 Like 1 Share

Re: South African Central Bank Fines HSBC For Lax Money Laundering Controls by princdebola201(m): 11:01pm On Nov 09, 2018
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

63 Likes 8 Shares

Re: South African Central Bank Fines HSBC For Lax Money Laundering Controls by Josegun(m): 11:01pm On Nov 09, 2018
Na dem nau

1 Like 2 Shares

Re: South African Central Bank Fines HSBC For Lax Money Laundering Controls by KingAzari: 11:03pm On Nov 09, 2018
God bless PMB.

49 Likes 5 Shares

Re: South African Central Bank Fines HSBC For Lax Money Laundering Controls by israelmao(m): 11:04pm On Nov 09, 2018
African nations are getting hungry and angry.

3 Likes

Re: South African Central Bank Fines HSBC For Lax Money Laundering Controls by canadastime(m): 11:05pm On Nov 09, 2018
Blame Buhari for this

2 Likes 1 Share

Re: South African Central Bank Fines HSBC For Lax Money Laundering Controls by OlujobaSamuel: 11:05pm On Nov 09, 2018
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.

13 Likes 1 Share

Re: South African Central Bank Fines HSBC For Lax Money Laundering Controls by sureheaven(m): 11:06pm On Nov 09, 2018
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.

31 Likes 5 Shares

Re: South African Central Bank Fines HSBC For Lax Money Laundering Controls by Topmaike007(m): 11:06pm On Nov 09, 2018
Atiku over to you oo,cos I know Buhari do us good for sending them packing...

28 Likes 5 Shares

Re: South African Central Bank Fines HSBC For Lax Money Laundering Controls by Topmaike007(m): 11:07pm On Nov 09, 2018
pmb till 2023

21 Likes 5 Shares

Re: South African Central Bank Fines HSBC For Lax Money Laundering Controls by Nobody: 11:08pm On Nov 09, 2018
israelmao:
African nations are getting hungry and angry.

And wiser.

5 Likes 2 Shares

Re: South African Central Bank Fines HSBC For Lax Money Laundering Controls by Cownu: 11:08pm On Nov 09, 2018
Topmaike007:
Atiku over to you oo,cos I know Buhari do us good for sending them packing...
Atiku right now

19 Likes 5 Shares

Re: South African Central Bank Fines HSBC For Lax Money Laundering Controls by loadedvibes: 11:09pm On Nov 09, 2018
A country that works

1 Like 1 Share

Re: South African Central Bank Fines HSBC For Lax Money Laundering Controls by SarkinYarki: 11:09pm On Nov 09, 2018
Lol since HSBC left Buhari BMC have been searching for bad news about them

7 Likes 1 Share

Re: South African Central Bank Fines HSBC For Lax Money Laundering Controls by dafemnet: 11:10pm On Nov 09, 2018
Buhari is fighting corruption, I now agree 100% with the exit of HSBC from our land. Corrupt bank

33 Likes 3 Shares

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