HSBC’s Australian arm admitted failures in protecting customers from scams and agreed to pay a A$35 million ($25 million) penalty. The case highlights compliance and governance weaknesses at a major bank and adds to regulatory and legal costs. While material, the fine is unlikely to have a broad market-wide impact.
HSBC’s Australian arm admitted failures in protecting customers from scams and agreed to pay a A$35 million ($25 million) penalty. The case highlights compliance and governance weaknesses at a major bank and adds to regulatory and legal costs. While material, the fine is unlikely to have a broad market-wide impact.
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strongly negative
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