Mexico fines HSBC $28 million in laundering case | oregonlive.com
Mexican regulators have levied a $28 million fine against the Mexico
subsidiary of London-based HSBC bank for failing to prevent money
laundering through accounts at the bank.
Mexico's National Securities and Banking Commission said Wednesday
that HSBC has paid the fines, equivalent to 379 million pesos, or about
half of the subsidiary's 2011 annual profits.
The commission, and a report by a U.S. senate investigative
committee, found the bank failed to control suspicious flows of billions
of dollars through its accounts and didn't respond promptly after being
warned about a huge swell in dollar cash transactions at the bank.
Guillermo Babatz, president of the banking commission, said that at
its peak in the mid-2000s, HSBC had become the main shipper of dollar
cash transfers from Mexico to the United States, accounting for about
half of the total flow, even though it wasn't then among the country's
largest banks.
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