The UK’s Financial Conduct Authority (FCA) has fined HSBC Bank £63.9 million (US$84.4 million) for failings in its anti-money laundering (AML) processes.

Despite the bank’s use of automated processes to monitor hundreds of millions of transactions a month to identify possible financial crime, the FCA found that three key parts of HSBC’s transaction monitoring systems showed serious weaknesses over a period of eight years up to March 2018.

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