LONDON (AP / BLOOMBERG) – Britain’s top bank HSBC has been fined nearly £ 64 million by Britain’s financial regulator, the Financial Conduct Authority (FCA), for failing to monitor money laundering. According to the FCA, there have been serious deficiencies in the automated processes for monitoring suspicious transactions at the bank for years.

The FCA states that between 2010 and 2018, the bank failed to comply with money laundering supervisory regulations because certain systems were not fully adequate or were not sufficiently risk sensitive. The regulator points to a number of cases in which HSBC’s software failed, as a result of which suspicious payments were not immediately reported to British authorities.

The financial watchdog says that due to the prolonged period in which this oversight failed, the matter is taken very seriously. There were also several internal and external reports exposing the issue without HSBC doing anything about it, the FCA said.

HSBC has cooperated with the investigation and therefore the fine is less, says the FCA. The bank indicated that it had improved its anti-money laundering control systems with large investments in technology.

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