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Montevideo, December 4th 2016 - 01:55 UTC

HSBC Argentina also fined for failing to report suspicious transactions

Monday, December 17th 2012 - 06:23 UTC
Full article 25 comments
The fine is insignificant, 6m compared to the 1.9bn dollars imposed to the bank in the US The fine is insignificant, 6m compared to the 1.9bn dollars imposed to the bank in the US

Argentina slapped a 30 million Peso (6 million dollars) fine on a local subsidiary of global banking giant HSBC for failing to report suspicious transactions, authorities here said Sunday.

Justice officials said that the fine had been levied against HSBC Bank Argentina SA for failing to disclose a three million dollar transaction by a bread bakers' association, in what regulatory officials said was a clear-cut case of money laundering.

Officials said the sum should have raised red flags at HSBC, given the group's relatively modest “profile.”

“The amount of transactions investigated was a 5.800% percent higher than the amount of total income declared by the association for the years 2005 to 2006,” the agency.

Just last week, officials in the United State found that HSBC parent flouted US sanctions on Iran and other countries and laundered Mexican drug money to build its business, and hit it with a massive 1.92 billion dollars in fines.

US authorities said the British bank's internal controls were “knowingly and willfully” lax, and that it had enabled forbidden financial transactions with Iran, Libya, Sudan, Cuba and Myanmar from the 1990s through 2006.

The company's Mexico branch also freely allowed hundreds of millions of dollars to be laundered through HSBC by drug groups, the US Justice Department said.
 

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  • DanyBerger

    What can you expect from Brit bankers and Sirs Lords?????

    Do you still pay taxes in UK?

    Sure you must be one of this hard working plebs and having not a clue about high finance and not even knowledge on how to structure offshore your investment in UK...

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    Dec 17th, 2012 - 11:35 am 0
  • Teaboy2

    @1 Brit Bankers!!! Yeah right, this is HSBC Bank Argentina SA (HSBC itself is a global cooperation, not a British one), therefore its Argentine workers and bankers that are responsible for what HSBC Argentina does, you Muppet!

    So i fail to see what the hell this has to do with Britain or us British taxpayers - So your posts equals TROLL!!

    I suggest you research HSBC Bank Argentina SA to understand things a little better! As you will find it is only a subsidiary of HSBC.

    Dec 17th, 2012 - 12:08 pm 0
  • Rufus

    @1 You do know what HSBC stands for, don't you? Or that it's the Argentine subsidiary of HSBC?
    So, the not-British subsidiary of the not-British company...

    Dec 17th, 2012 - 01:59 pm 0
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