Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Mexico fines HSBC $27.5m for lax money-laundering control
Source: BBC
25 July 2012 Last updated at 23:51 GMT
Mexico fines HSBC 27.5m for lax money-laundering control
Mexican regulators have imposed a fine of $27.5m (£17.7m) on banking giant HSBC for its failure to comply with money-laundering regulations.
The fine comes a week after HSBC's chief compliance officer resigned over allegations that the bank ignored warnings that Mexican drug money was being allowed to pass through the bank.
The fine is the highest ever imposed by Mexican regulators.
It constitutes 51.5% of the 2011 annual profit of HSBC's Mexican subsidiary.
[font size=1]-snip-[/font]
Mexico fines HSBC 27.5m for lax money-laundering control
Mexican regulators have imposed a fine of $27.5m (£17.7m) on banking giant HSBC for its failure to comply with money-laundering regulations.
The fine comes a week after HSBC's chief compliance officer resigned over allegations that the bank ignored warnings that Mexican drug money was being allowed to pass through the bank.
The fine is the highest ever imposed by Mexican regulators.
It constitutes 51.5% of the 2011 annual profit of HSBC's Mexican subsidiary.
[font size=1]-snip-[/font]
Read more: http://www.bbc.co.uk/news/world-latin-america-18993476