What did HSBC do wrong?
What did HSBC do wrong?
The regulator said HSBC had made a string of failings, including inadequate monitoring of money laundering and terrorist financing scenarios until 2014, and poor risk assessment of “new scenarios” after 2016.
Is HSBC a legit bank?
Like any major U.S. bank, HSBC Bank is a member of the FDIC, which means your accounts will be protected by deposit insurance. However, HSBC is somewhat limited in the U.S. and isn’t the strongest option for domestic banking if you don’t live within its service footprint.
Why are HSBC sending me a Cheque?
The first cheques, worth between £25 and £100, were sent out from October 2020 to March 2021 as goodwill gestures to borrowers who fell behind on repayments between 2010 and 2019 from the HSBC Group – which all four lenders fall under – in compensation for substandard service.
Is HSBC still money laundering?
The investigation found Europe’s largest bank failed to prevent Mexican drug cartels from washing hundreds of millions of dollars. But despite this scrutiny, regulators say HSBC continued to fail in its responsibility to prevent money laundering.
Is my money safe at HSBC?
Protecting your money Your eligible deposits with HSBC UK Bank plc are protected up to the FSCS compensation limit by the Financial Services Compensation Scheme, the UK’s deposit protection scheme. Most deposits are covered by the scheme.
Why have I got a refund from HSBC?
HSBC originally told us some customers who incurred interest or other fees while they were in arrears that they shouldn’t have had to pay are now having them refunded. They’re also getting an additional 8% interest on top. We’ve heard of refunds ranging from £245 to over £7,000.
How long are HSBC cheques valid for?
Technically speaking, cheques don’t have an expiry date. But, in practice, banks will usually reject a cheque if you try to pay it in or cash it more than six months from the date of issue – that’s the date written on the cheque.
