The Company provides a comprehensive range of financial services to more than 125 million customers through four customer groups and global businesses. (Bloomberg) -- Once one of Hong Kong’s steadiest stocks, HSBC Holdings Plc is now more than three times as volatile as the city’s benchmark. Banks operating in Hong Kong have been told to report financial transactions believed to violate the city's controversial national security law (NSL) as they would suspected incidents of money laundering or terrorism financing, according to the city's top financial regulator.In a document posted on its website, the Hong Kong Monetary Authority (HKMA) advised banks to file suspicious transaction reports for dealings that may be related to violations of the national security law to the city's Joint Financial Intelligence Unit, an investigative division of the Hong Kong Police Force and the Customs & Excise Department. Unlike cash laundering, which involves a relatively small number of casinos and financial businesses, invoice-based laundering can take place between almost any two companies in the world.Austrac’s gradual shift toward a more active stance in recent years is welcome, but it will need to go still further. He has not identified the individuals.HSBC declined to comment, but chief executive Noel Quinn previously said "we follow the laws and regulations of all of the countries in which we operate and will continue to do that,"The bank faced a separate backlash last year after it closed a bank account associated with Spark Alliance HK, which raised money via crowdfunding to help post bail for anti-government protesters.HSBC said at the time the corporate account was not being used for its stated purposed and it was closed in November 2019 "following a fund transfer instruction from the customer". Last year’s media reports aren’t the first time that public accusations about money laundering breaches have been made against Crown. (Bloomberg) -- Once one of Hong Kong’s steadiest stocks, HSBC Holdings Plc is now more than three times as volatile as the city’s benchmark. All times are ET. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All rights reserved. Disclaimer. The Fool has written over 100 articles on HSBC Holdings. All Rights Reserved. Paul Jevtovic, a former police officer who took over at Austrac in 2014 before joining HSBC Plc’s compliance department in 2017, pushed the regulator toward a more proactive culture and kicked off the Tabcorp and the Commonwealth Bank investigations. Copyright (c) 2020. Factset: FactSet Research Systems Inc.2019. The number of suspicious transactions reported to Austrac has more than tripled over the past five years, but funding from government and its own paid-for activities is only up by about a third. Going down into the sewers may be a thankless task, but it’s the only way to get the job done.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.David Fickling is a Bloomberg Opinion columnist covering commodities, as well as industrial and consumer companies. © 2020 Verizon Media. HSBC earnings call for the period ending . Market data powered by FactSet and Web Financial Group. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. China's foreign ministry vowed last week to enact its own "countermeasures" in response.Hong Kong chief executive Carrie Lam Cheng Yuet-ngor and other city leaders have argued the sweeping national security law is necessary and similar to efforts by other countries to fight terrorism. Do Wall Street analysts recommend investors buy shares of HSBC? The bank intends to cut back in Europe and North America while investing in Asia and the Middle East. 19.82 -0.02 (-0.10%)Before hours: 8:31AM EDT, Subscribe to Premium to view Fair Value for HSBC.
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