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HSBC, Standard Chartered reportedly moved large amounts of illegal money for 2 decades with no idea of ​​the origin of the money



HONG KONG – HSBC HSBA.L and Standard Chartered’s STAN.L in Hong Kong fell on Monday after media reported that they and other banks had moved large sums of allegedly illegal funds for nearly two decades, despite red flags of origin of money.

The reports by BuzzFeed and other media are based on expired suspicious activity reports (SARs) submitted by banks and other financial firms on the US Treasury Department̵

7;s Financial Crimes Enforcement Network (FinCen).

GLOBAL BANKS TRUST HONG KONG CLIENTS FOR PROMOCRATIC RELATIONS: SOURCES
Shares of HSBC in Hong Kong 0005.HK fell 4.4% to 29.60 HK $, the lowest since May 1995, while StanChart 2888.HK fell 3.8% to 35.80 HK HK, the lowest the lowest from May 25 this year. The Hang Seng .HSI index fell 0.4%.

HSBC headquarters seen in the central financial district of Hong Kong, China, September 6, 2017. REUTERS / Bobby Yip

The SARs, which reportedly number more than 2,100, were obtained from BuzzFeed News and shared with the International Consortium of Investigative Journalists (ICIJ) and other media organizations.

Stocks in this article

HSBC and StanC were among the five banks that appear most frequently in documents, ICIJ reported.

In a statement to Reuters on Sunday, HSBC said that “all the information provided by the ICIJ is historical.” Since 2012, the bank has stated that “HSBC has embarked on a multi-year journey to refine its ability to fight financial crime in more than 60 jurisdictions”

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Standard Chartered said in a statement: “We take our responsibility to fight financial crime very seriously and have invested heavily in our compliance programs.”


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