This is the clear example of hypocrisy at its finest! Seven month before their CEO Noel Quinn publicly announced that HSBC will not be offering any services related to Bitcoin and crypto entirely to its users and linked his decision to the “lack of transparency” and high volatility in the cryptocurrency industry. As per Quinn, it is impossible for an agency to tell who owns the crypto, and hence everything depends on whether the holders can be “trusted in regard to market integrity.”
And yesterday karma hit them back, the same fucking swindlers are fined £64m for anti-money laundering failings. Actually, initially they were fined for £91m though since HSBC not disputed the findings and agreed to settle it was cut down to £63.9m. HSBC’s failings cover a period of eight years, from 2010 to 2018, the FCA said.
The FCA’s report into HSBC cites examples of poor controls, including failing to spot suspicious activity on the account of a construction director who also played a leading role in a criminal gang trying to steal millions of pounds by setting up fake companies. The person pleaded guilty to VAT fraud and went to prison. HSBC also failed to detect a customer imprisoned for smuggling cigarettes into the UK and ordered to pay £1.2m by the HMRC tax office, where the bank missed “a sustained period of unusual activity,” the FCA said.
For those who did not know, in 2012 after an investigation by the US Department of Justice the same bank paid $1.9bn fine (£1.4bn) for laundering money of Mexican drug cartels, circumventing the rules designed to prevent dealings with Iran, Burma, North Korea and being financed by terrorists from Middle East.
So dump fucking HSBC shares if you have any and buy crypto and if you wonder, yeah this is financial advice.