HSBC has become the latest bank to be hit with a regulator’s fine this week.

The FCA has fined HSBC Bank nearly £63,946,800 for failings in its anti-money laundering processes.

HSBC used automated processes to monitor hundreds of millions of transactions a month to identify possible financial crime.

However over an eight year period between 2010 and 2018, the FCA found three key parts of HSBC’s transaction monitoring systems showed serious weaknesses.