The United Kingdom’s financial regulator said it had fined HSBC $85.2 million for failing its anti-money laundering procedures. The Financial Conduct Authority (FCA) said that it had found that three critical parts of HSBC’s transaction monitoring systems showed serious weaknesses over eight years, from March 31, 2010, to March 31, 2018.

• Andhra Pradesh Approves Rs 500 Crore Port, Shipbuilding Cluster
• Amazon Eyes Faster Content Production With AI
• Why India Is Emerging as a Second Home for Multinationals
• Indigo Shares Slip 2% as CCI Orders Further Investigation 
• Concord Control Wins KAVACH 4.0 Order; Stock Jumps 4%

The FCA also announced that “HSBC had done a lot of failings like insufficient monitoring of money laundering, terrorist financing, and poor-risk review of new scenarios after 2016.” Mark Steward, executive director at the FCA, also said, “These failings are not acceptable and said the bank to avoid risks, particularly that took the remediation such a long time.”