HSBC, StanChart shares fall to 22-year lows on reports of illicit money flows | Malay Mail

Monday, 21 Sep 2020 10:04 PM MYT

The BuzzFeed and other media articles were based on leaked suspicious activity reports filed by banks and other financial firms with the US Department of Treasury’s Financial Crimes Enforcement Network . More than 2,100 SARs, which are in themselves not necessarily proof of wrongdoing, were obtained by BuzzFeed News and shared with the International Consortium of Investigative Journalists and other media organisations.

Barclays said it believes it has complied with “all its legal and regulatory obligations, including in relation to US sanctions.” London-headquartered HSBC and StanChart, among other global banks, have paid billions of dollars in fines in recent years for violating US sanctions on Iran and anti-money laundering rules.

“It confirms what we already knew – that there are huge numbers of SARs being filed with relatively low numbers of cases brought through to prosecution,” said Etelka Bogardi, a Hong Kong-based financial services regulatory partner at law firm Norton Rose Fulbright.The SARs showed that banks often moved funds for companies that were registered in offshore havens, such as the British Virgin Islands, and did not know the ultimate owner of the account, the report said.

Malaysia Latest News, Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

HSBC, StanChart Hong Kong shares fall after ‘FinCEN’ leakHONG KONG: HSBC and Standard Chartered's Hong Kong shares fell on Monday after media reports that they and other banks moved large sums of allegedly i...
Source: theSundaily - 🏆 25. / 51 Read more »

Hong Kong bars Kuala Lumpur flights over virus-infected transit passengers | The Malaysian InsightFive travellers who stopped in Malaysian capital have tested positive for Covid-19, says report.
Source: msianinsight - 🏆 8. / 63 Read more »

Relatives of 12 Hong Kong people arrested by China demand access for own lawyers | Malay MailHONG KONG, Sept 20 — Relatives of some of the 12 Hong Kong people arrested by China at sea last month demanded the city’s government check on their condition and ensure lawyers appointed by the families and not the Chinese government, can meet with them. The 12 were arrested on Aug. 23 for...
Source: malaymail - 🏆 1. / 86 Read more »

PN candidate vows to revive glory days of 'Little Hong Kong'
Source: fmtoday - 🏆 5. / 72 Read more »

Major banks moved vast sums of illicit money, says ICIJ | Malay MailWASHINGTON, Sept 21 — Massive sums of allegedly dirty money have flowed for years through some of the world’s largest banking institutions, said an international journalism investigation published yesterday, which denounced shortcomings in sector regulations. “Profits from deadly drug wars,...
Source: malaymail - 🏆 1. / 86 Read more »

HSBC, StanChart Hong Kong shares fall after ‘FinCEN’ leakHONG KONG: HSBC and Standard Chartered's Hong Kong shares fell on Monday after media reports that they and other banks moved large sums of allegedly i...
Source: theSundaily - 🏆 25. / 51 Read more »