Cownu:

Atiku right now

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

Xda59:

And wiser.

ionsman:
Atiku...

ionsman:
(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

bouncebackk:


You truly have no shame. Smh

ionsman:
(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

Mynd44:
Awon temi'n case

*in 9ice's voice*

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

bouncebackk:

You truly have no shame. Smh

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

obynzo:
My people perish for lack of knowledge. Most Banks abroad including Goldman Sachs and Citi have been indicted by the US so many times for money laundering. We must not politicize this. What they said if you read was that they were fined because the controls were not effective not that they laundered money through their South African affiliate. Most times even in Nigeria CBN fines banks for lax internal control systems once they are done auditing them and they discover infractions these infractions can range from account opening forms not having complete documentation and KYC data to poor system controls.

Please let us stop politicizing everything even Nigerian banks have always been fined for offences similar to HSBC and it may interest you to know that money laundering that politicians do here must be facilitated by a Nigerian bank so cool down before you start attacking HSBCc

obynzo:
My people perish for lack of knowledge. Most Banks abroad including Goldman Sachs and Citi have been indicted by the US so many times for money laundering. We must not politicize this. What they said if you read was that they were fined because the controls were not effective not that they laundered money through their South African affiliate. Most times even in Nigeria CBN fines banks for lax internal control systems once they are done auditing them and they discover infractions these infractions can range from account opening forms not having complete documentation and KYC data to poor system controls.

Please let us stop politicizing everything even Nigerian banks have always been fined for offences similar to HSBC and it may interest you to know that money laundering that politicians do here must be facilitated by a Nigerian bank so cool down before you start attacking HSBCc

gare:
I wonder the way some you reason, since the inception of Democracy in this country has there being any corruption case that was linked to this Bank ? if there is any kindly state.

Then from this article if you guys actually read and understood it very well the Bank was not linked to any money laundering and the financing of terrorism," but Certain weaknesses were identified in HSBC's processes which inhibited HSBC from proactively detecting potential money laundering and the financing of terrorism,"

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

And I believe they have corrected those Observation, going to dig up issues concerning the bank that does make any relevance to the bank leaving Nigeria makes the Ruling party look dumb.

datribune:


Educate urself about this shitty bank that has been doing dirty things all over d world. Are you aware that before they escaped frm Nigeria HSBC was accused by EFCC of laundering $100M Abacha loot & laundering proceeds of corruption for over 50 Nigerians?.
HSBC has a dark, ugly track-record of laundering dirty money worldwide, even for drug traffickers. In 2012, they paid $1.9b fine to avoid prosecution for laundering $881 million in proceeds frm sale of illegal drugs by Mexican cartels.
If they can launder money for drug cartels, what makes you think that they wouldn't do it for some dubious Nigerians?. That bank is bad news, anywhere they go. They even had a major negative impact on d 2008 world economic recession.
Money launderers may not like it but PMB has closed d loopholes, no more funds to launder & HSBC's business model based on money laundering has failed them. They had to hurriedly depart. God's willing, we'll never see them in Nigeria ever again.

gare:


You can not tell me about the activities of this bank, I asked a simple question has any money laundering case been linked to the bank here in Nigeria. No if there's any you say, our own local banks do launder money even your own bank will ask them to close shop and move, they have other genuine services they render so don't think PMB fake fight against corruption made them leave Nigeria, so you tell me governors, ministers are not moving money? If you say no, then you need to check and learn about the country called Nigeria

datribune:


My friend, read before hurriedly replying. They've been linked to laundering $100M for Abacha & also laundering proceeds of corruption for over 50 Nigerians. Why are you passionately defending d ignominious actions of d bank of choice for money launderers, even drug cartels?