NewsOtherArgentina slaps $6 mn fine on HSBC subsidiary

Argentina slaps $6 mn fine on HSBC subsidiary

-

AFP: Just last week, officials in the United State found that HSBC’s parent flouted US sanctions on Iran and other countries and laundered Mexican drug money to build its business, and hit it with a massive $1.92 billion in fines. BUENOS AIRES (AFP)— Argentina slapped a 30 million peso ($6 million) fine on a local subsidiary of global banking giant HSBC for failing to report suspicious transactions, authorities said.

Justice officials said that the fine had been levied against HSBC Bank Argentina SA for failing to disclose a three million dollar transaction by a bread bakers’ association, in what regulatory officials said was a clear-cut case of money laundering.

Officials said the sum should have raised red flags at HSBC, given the group’s relatively modest “profile.”

“The amount of transactions investigated was a 5800 percent higher than the amount of total income declared by the association for the years 2005 to 2006,” the agency.

Just last week, officials in the United State found that HSBC’s parent flouted US sanctions on Iran and other countries and laundered Mexican drug money to build its business, and hit it with a massive $1.92 billion in fines.

US authorities said the British bank’s internal controls were “knowingly and willfully” lax, and that it have enabled forbidden financial transactions with Iran, Libya, Sudan, Cuba and Myanmar from the 1990s through 2006.

The company’s Mexico branch also freely allowed hundreds of millions of dollars to be laundered through HSBC by drug groups, the US Justice Department said.

Latest news

Iran Regime’s Ministry of Culture’s Decision To Eliminate Children’s Intellectual Centers

With the so-called ‘Cultural Revolution’ which took place between 1980 and 1983, the Iranian regime tried to purge the...

Water Shortage Crisis and the Destruction of Iran’s Water Resources

Iran is currently suffering from a number of dangerous natural disasters. One of the most worrying is the drying...

Economic Freedom Under the Rule of the Mullahs in Iran

The Fraser institute published its annual report of the index of economic freedom on September 8, which measured the...

Iran’s Regime Continues Its Internet Restriction Project

This is part of the outlook of a document by the Iranian regime’s Supreme Council of Cyberspace, which has...

Iran’s Human Development Index Dropped Sharply

One of the most common questions asked in primary schools by teachers all over the world is, “wealth or...

Narcotics Iran Regime’s Income Source for Terrorism

Besides Iran’s malign activities, such as its regional interference, and missile and nuclear projects, drug trafficking plays a major...

Must read

Iran’s leader appoints new judiciary chief – TV

Reuters: Iran's Supreme Leader appointed on Saturday Ayatollah Sadeq...

Assassinations, Iranian connection spread fear in Iraq

Newsday: Most troubling for U.S. policy in the Middle...

You might also likeRELATED
Recommended to you