Monday, December 17th 2012 - 06:23 UTC

HSBC Argentina also fined for failing to report suspicious transactions

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.

The fine is insignificant, 6m compared to the 1.9bn dollars imposed to the bank in the US

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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1 DanyBerger (#) Dec 17th, 2012 - 11:35 am Report abuse
What can you expect from Brit bankers and Sirs Lords?????

Do you still pay taxes in UK?

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2 Teaboy2 (#) Dec 17th, 2012 - 12:08 pm Report abuse
@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.
3 Rufus (#) Dec 17th, 2012 - 01:59 pm Report abuse
@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...
4 Pete Bog (#) Dec 17th, 2012 - 02:02 pm Report abuse
@1
OK, why doesn't Argentina have purely Argentine banks take over and give us an endless supply of laughs?
5 Simon68 (#) Dec 17th, 2012 - 02:49 pm Report abuse
1 DanyBerger (#)
Dec 17th, 2012 - 11:35 am

You do realize that HSBC is the Hongkong and Shanghai Banking Corporation don't you??????

It's head office is in London, but has over 7.000 offices world wide, it is about as British as dulce de leche!!!!!
6 Nostrolldamus The 2nd (#) Dec 17th, 2012 - 02:56 pm Report abuse
@4

To be fair, any banking system is more respected today than the British banking system.
7 Teaboy2 (#) Dec 17th, 2012 - 03:28 pm Report abuse
@6 - Really!! So why aren't people and companies doing all their financial trading in BA instead of in London, the worlds section largest financial hub!

You seem to be of the believe that the GLOBAL economic crisis was caused by British Banks, when in reality it was caused by Banks from countries throughout the world and not solely the blame of British Banks.

Here's a test for you. Please provide names of all British Banks that you know off!
8 Shed-time (#) Dec 17th, 2012 - 03:31 pm Report abuse
@6 You and I both know you're talking nonsense. Your banking system is on it's knees, get over it.
9 Nostrolldamus The 2nd (#) Dec 17th, 2012 - 04:08 pm Report abuse
Not one bank has failed in Argentina since the “global” econonic crisis that completely bypassed Argentina. In fact bank deposits continued to grow until 2011, and housing prices have continued to rise.

Argentine banks are far more secure than any in the north, period.
10 reality check (#) Dec 17th, 2012 - 04:34 pm Report abuse
If they are so secure, why you always borrowing, sorry, trying to borrow money?
YPF, IDB recent points in case.

Why don't you, and this is only a polite suggestion mind, BORROW IT FROM THEM! you would be sure to get better repayment terms.

Let's see, could it be, just possibly be, THEY HAVE NO FUNDS TO LEND!
11 Nostrolldamus The 2nd (#) Dec 17th, 2012 - 04:38 pm Report abuse
@10

Why does your government have to open your BOE auctions to non-British banks and investors? I guess your banks don't have FUNDS EITHER.

Losers.
12 reality check (#) Dec 17th, 2012 - 04:39 pm Report abuse
I guess your banks don't have FUNDS EITHER.

That's what I call a cough Guv.
13 andy65 (#) Dec 17th, 2012 - 07:13 pm Report abuse
These Argies talk such shit yet most of them can hardly offord to buy toilet paper to wipe there ass
14 Nostrolldamus The 2nd (#) Dec 17th, 2012 - 08:02 pm Report abuse
Broken Britain 22 billion in the red and rising... British banks have no funds so off they go to grovel to China.

Like all the other European nations and the United States.

Zhongguo !!!!
15 Teaboy2 (#) Dec 17th, 2012 - 08:04 pm Report abuse
@9 “Not one bank has failed in Argentina since the “global” economic crisis that completely bypassed Argentina” - Lol selective short term memory i see, 2001 ring any bells!

I also suppose Argentina not repaying debts have any effect on banks either.

As for BOE auctions - lol don't you even know what ECTR is!!!
16 Nostrolldamus The 2nd (#) Dec 17th, 2012 - 08:15 pm Report abuse
2001: year before 2002.
2002: year before 2003
2003: year before 2004
2004: year before 2005
2005: year before 2006
2006: year before 2007
2007: year before 2008
2008: year before 2000

Syllogism of the day: if 2001 was before 2002... and 2002 was before 2009 according to the chart above, ergo... 2001 was before 2009.

SINCE 2009 (Global finanacial crisis ex-Argentina, who was spared thankjs to severing links with the banks, IMF, and borrowing from capital markets), no bank in Argentina has failed.
17 Teaboy2 (#) Dec 17th, 2012 - 09:22 pm Report abuse
@16 lol if you think Argentina was spared and the global economic crisis avoided Argentina, then your either stupid or deluded. Fact is your seeing the effect of the crisis in Argentina as we speak. i.e. Lower growth, increasing inflation, dollar clamp, import and export restrictions, basically protectionist policies being enforced as a result of the effects the global economic crisis has had!

But hey if you want to believe that having to travel across the border to a neighboring country so you can buy a TV, means the global economic effect has by passed Argentina then be guess!!! lol
18 yankeeboy (#) Dec 17th, 2012 - 11:35 pm Report abuse
Argentinian banks are far from secure! It has had MULTI BILLIONS U$ flee to banks outside of its borders in the last 3 years.
Their “reserves” consist mainly of Arg Fed Bonds paying a lower interest rate than inflation with a daily devalued peso!
BCRA has had to continually lower the required reserve amounts so they don't have to liquidate because the deposits are depleted.
It is a disaster.
19 Nostrolldamus The 2nd (#) Dec 17th, 2012 - 11:52 pm Report abuse
That's not the fault of the banks, that's the internatinal and domestic milieu.

The banks themselves, the private enterprise, are actually quite conservative and secure.
20 Teaboy2 (#) Dec 18th, 2012 - 12:15 am Report abuse
Banks are not private enterprises lol
21 Raven (#) Dec 18th, 2012 - 01:32 am Report abuse
@ Nostroll

We know your solution to economics.

Borrow,default, insist on paying less than borrowed.
22 Alexei (#) Dec 18th, 2012 - 11:13 am Report abuse
That's a bit harsh. They really have their work cut out. Are any transactions in Argentina not suspicious?
23 reality check (#) Dec 18th, 2012 - 02:11 pm Report abuse
Only if it's in pessos!
24 slattzzz (#) Dec 19th, 2012 - 10:16 pm Report abuse
@1 read the fookin report before gobbing off...........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..
25 British_Kirchnerist (#) Dec 24th, 2012 - 06:19 pm Report abuse
Banks are crooks, that much is obvious. But they really shouldn't be penalised for trading with Cuba =)

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