Mexican regulator fines HSBC $28m

HSBC's Mexican business has been fined $27.5m for failing to comply with anti-money laundering regulations.

The bank, which is at the centre of a money laundering investigation in the US, faces the possibility of being fined up to $1bn for potentially allowing terrorists and drug cartels to use accounts to launder money. As that case continues, Mexico's National Banking and Securities Commission (NBSC) has now acted against the bank, slapping it with the fine for flouting a number of rules. The NBSC said its fine is partly due to the late reporting of more than 1,700 unusual transactions, the failure to report 39 such transactions, and 21 administrative failures, according to the FT. The...