South African Central Bank Fines HSBC For Lax Money Laundering Controls - Business (3)

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South African Central Bank Fines HSBC For Lax Money Laundering Controls - Business (3) - Nairaland

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Re: South African Central Bank Fines HSBC For Lax Money Laundering Controls by gare(f): 11:20am On Nov 10, 2018

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?

This is the article below what you stated above is not there please can you confirm

There's no mention of Abacha or 50 Nigerians

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.

Re: South African Central Bank Fines HSBC For Lax Money Laundering Controls by gare(f): 11:28am On Nov 10, 2018

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?

I am not defending them, it's not as if they have not been involved in shady activity or another, but here in Nigeria I say none to the best of knowledge and you have not been able to confirm that too.

Secondly linking their exit to the fake fight against corruption is the reason I tell no that's not true, you and I know there is no fight against corruption if you tell there's I don't think there's any more basis for to continue this conversation. Because sympathizers of the present administration don't see that way, so I would not want to go into any discussion with APC supporters

Re: South African Central Bank Fines HSBC For Lax Money Laundering Controls by datribune: 1:35pm On Nov 10, 2018

gare:

I read very well and there was no where in the article all you mentioned was stated we don't need to make up issues to justify your point which 50 Nigerians ? And Abacha was not mentioned there, though not a fan of Abacha but the truth must be told, or is there another article ?

"In Nigeria, the bank laundered more than $100 million for the late dictator, late Gen Sani Abacha in Jersey, Paris, London, Switzerland and Geneva. The Bank is also involved with laundering proceeds of corruption for over 50 Nigerians including a Nigerian serving Senator".

“Part of Abacha Assets yet to be recovered are: $12 million in HSBC Fund Admin Ltd with account number S-104460 in Jersey; $20 million in HSBC Life (Europe) with account number 37060762 in U.K and $1. 6 million in HSBC Bank plc with account number 38175076 in U. K."

https://www.google.com/url?q=http://dailypost.ng/2018/09/16/abacha-loot-efcc-backs-buhari-reveals-money-laundered-hsbc-bank/&sa=U&ved=2ahUKEwi1jr2Y68neAhVP3KQKHZS_BwAQFjABegQIBxAB&usg=AOvVaw3uLkQ_0wzJ_lmzrk2bcboZ

Re: South African Central Bank Fines HSBC For Lax Money Laundering Controls by gare(f): 1:41pm On Nov 10, 2018

datribune:

"In Nigeria, the bank laundered more than $100 million for the late dictator, late Gen Sani Abacha in Jersey, Paris, London, Switzerland and Geneva. The Bank is also involved with laundering proceeds of corruption for over 50 Nigerians including a Nigerian serving Senator".

“Part of Abacha Assets yet to be recovered are: $12 million in HSBC Fund Admin Ltd with account number S-104460 in Jersey; $20 million in HSBC Life (Europe) with account number 37060762 in U.K and $1. 6 million in HSBC Bank plc with account number 38175076 in U. K.

https://www.google.com/url?q=http://dailypost.ng/2018/09/16/abacha-loot-efcc-backs-buhari-reveals-money-laundered-hsbc-bank/&sa=U&ved=2ahUKEwi1jr2Y68neAhVP3KQKHZS_BwAQFjABegQIBxAB&usg=AOvVaw3uLkQ_0wzJ_lmzrk2bcboZ

This is a different article, na wa for you we dey argue on some thing here, you blamed for not reading an article I have not seen, and secondly article that can not mention the names od the 50 persons involved is not to be taken serious, the only person name in the article is a dead man that can not defend himself, please try something else you can not convince me with this

Re: South African Central Bank Fines HSBC For Lax Money Laundering Controls by datribune: 2:08pm On Nov 10, 2018

gare:

This is a different article, na wa for you we dey argue on some thing here, you blamed for not reading an article I have not seen, and secondly article that can not mention the names od the 50 persons involved is not to be taken serious, the only person name in the article is a dead man that can not defend himself, please try something else you can not convince me with this

Which kain reasoning be this nah?.
I'm reeling out d track record of HSBC to show u that worldwide they have a history of laundering dirty money & u ar arguing that it doesn't come frm a particular article. Always try to read wide & get perspectives on issues.
Even with account numbers provided, u are still disputing & defending a bank that has been severally indicted worldwide for money laundering. If names of affected persons were mentioned what difference will it make to someone like you, who still disputes & defends a bank wit an ignominious record, even when specific account numbers where monies were lodged in d bank were provided. Smh
Abeg, tell me what's d sense in me wasting time arguing wit u.

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Re: South African Central Bank Fines HSBC For Lax Money Laundering Controls by gare(f): 2:18pm On Nov 10, 2018

datribune:

Which kain reasoning be this nah?.
I'm reeling out d track record of HSBC to show u that worldwide they have a history of laundering dirty money & u ar arguing that it doesn't come frm a particular article. Always try to read wide & get perspectives on issues.
Even with account numbers provided, u are still disputing & defending a bank that has been severally indicted worldwide for money laundering. If names of affected persons were mentioned what difference will it make to someone like you, who still disputes & defends a bank wit an ignominious record, even when specific account numbers where monies were lodged in d bank were provided. Smh
Abeg, tell me what's d sense in me wasting time arguing wit u.

No worry just enjoy your weekend

Re: South African Central Bank Fines HSBC For Lax Money Laundering Controls by datribune: 2:47pm On Nov 10, 2018

gare:

No worry just enjoy your weekend

Hav a great weekend. Cheers

Re: South African Central Bank Fines HSBC For Lax Money Laundering Controls by UncleDeborah: 11:55am On Dec 01, 2018

Mynd44:
Awon temi'n case

*in 9ice's voice*

Please do something about this kid. He has created another moniker again to co tinue from where he stopped.

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