ARGENTINA has slapped a 30 million peso ($A5.71 million) fine on a local subsidiary of global banking giant HSBC for failing to report suspicious transactions.
Justice officials said on Sunday that the fine had been levied against HSBC Bank Argentina SA for failing to disclose a $US3 million transaction by a bread bakers’ association, in what regulatory officials say was a clear-cut case of money laundering.
Officials said the sum said should have raised red flags at HSBC, given the group’s relatively modest “profile”.
“The amount of transactions investigated was a 5800 per cent higher than the amount of total income declared by the association for the years 2005 to 2006,” the agency.
Detailed news link: click here