HSBC's Australian arm says it is investigating an unspecified number of potential breaches to anti-money laundering laws by failing to report international transfers.
Global banking giant HSBC has quietly outed itself to Australia's financial crime agency for potential breaches of anti-money laundering laws by failing to report transfers to foreign banks and institutions.
"AUSTRAC works with reporting entities to support them in improving their compliance with their obligations … to fight financial crime to protect the community," the spokesperson said. "The bank is continuing to work with AUSTRAC in relation to this matter in line with our open and transparent approach to regulators."
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