HSBC Australia agrees to A$35 million scam-failures penalty (opens in new tab)

HSBC Bank Australia admitted failures in protecting customers from scams and agreed with the Australian Securities and Investments Commission to seek an A$35 million penalty in the Federal Court, equal to about $25 million using Bloomberg’s conversion and $24.6 million using InfoQuest’s conversion. ASIC said HSBC’s failures exposed customers to greater risk of unauthorized payments, and the bank admitted its internal transfer system had inadequate controls. ASIC said HSBC received more than 1...