Skip to content
WorldBrand.AI

HSBC Bank Taiwan controversies

Controversies tied to this brand in public sources. A listing is not a finding of fault.

Back to profile2 entries

  1. 2021

    FCA fines HSBC unit £64 million over AML failings

    Fine or penalty

    The Financial Conduct Authority fined a U.K. unit of HSBC Holdings £64 million after finding serious weaknesses in automated transaction-monitoring processes. The FCA said HSBC Bank failed to comply with money-laundering regulations between 2010 and 2018. HSBC said it was pleased to resolve the matter and had invested in new monitoring technologies.

    Company response

    • Remediation — HSBC

      HSBC has made significant investments in new and market-leading technologies that go beyond the traditional approach to transaction monitoring.

    Source excerpt

    • HSBC Bank failed to comply with money laundering regulations between 2010 and 2018 because its policies and procedures for two of its key automated transaction monitoring systems were “not appropriate or sufficiently risk sensitive,” the regulator said in a statement Friday.
    • HSBC agreed to resolve the matter and so qualified for a 30% discount on its fine, the FCA said.
    • The Financial Conduct Authority has fined a U.K. unit of HSBC Holdings 64 million pounds ($85 million) after finding “serious weaknesses” in the automated processes it used to monitor suspicious transactions
    Source

  2. 2021

    Bud's Goods sues HSBC over scam losses

    Lawsuit filed

    Bud's Goods & Provisions sued HSBC Bank, alleging that the bank should have recognized suspicious transfers connected to a scam that cost the business more than $459,000. The lawsuit seeks damages, restitution and attorney's fees; the allegations are not presented as a court finding.

    Source excerpt

    • Duffy said in the lawsuit that an unknown person, referred to as "John Doe," hacked and monitored Mazin's email account and set up a false email address that was almost the same as the email address used by the contractor doing work at his Abington shop in 2020.
    • In the lawsuit, attorney Peter Duffy said HSBC Bank should have known that the account used by the hacker, opened for personal use, was being used to transfer stolen money.
    • Bud's Goods & Provisions, owned by Alex Mazin, of Worcester, first filed the lawsuit in March 2021 in state court naming scam suspect Lam Yan Wun Merton. Mazin added HSBC Bank to the lawsuit in September and the lawsuit has since been moved to federal court.
    Source