Prompt Title: HSBC's Fees and Fines

Created 1 year ago
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Human: Summarize all of the fees levied against the bank HSBC by any government in the world
ChatGPT:

As an AI language model, I cannot provide real-time information; my knowledge is up-to-date only until September 2021. However, here's a summary of some of the significant fees and penalties levied against HSBC by various governments up to that point:

  1. 2012: HSBC agreed to pay $1.92 billion in a settlement with U.S. authorities over accusations of money laundering and sanctions violations, including facilitating transactions for drug cartels and countries subject to U.S. sanctions like Iran and Libya.

  2. 2015: The bank was fined $40 million by the Swiss government after allegations of money laundering were raised by the SwissLeaks scandal.

  3. 2016: HSBC agreed to pay $470 million to settle a U.S. probe into mortgage abuses during the 2008 financial crisis.

  4. 2016: The bank was fined $33 million by the Hong Kong Securities and Futures Commission over regulatory breaches and internal control failings.

  5. 2017: HSBC settled for $175 million with the U.S. Federal Reserve over accusations of "unsafe and unsound practices" in its foreign exchange trading business.

  6. 2018: The bank agreed to pay $101.5 million to the U.S. Department of Justice to resolve a criminal investigation into currency rigging.

  7. 2019: HSBC was fined $336 million by the French government over allegations of tax fraud and money laundering.

  8. 2020: The bank agreed to pay $192 million to the U.S. Department of Justice to resolve an investigation into tax fraud by its Swiss private banking unit.

These are some of the more prominent cases; however, it is worth noting that HSBC has faced several other fines and penalties related to different compliance issues and violations over the years. For the most up-to-date information on fees and penalties levied against HSBC, you should consult the latest news sources or regulatory announcements.

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Santiago Velez
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