General · 18 June 2026
HSBC Pays $25m After Australia Scam Case
Customers faced greater danger from fraud and some lost large sums while waiting months for answers about missing money. Australia's securities regulator investigated the bank's local business and said weak transfer controls between May 2023 and May 2024 increased the chance of transactions going through without permission. A proposed penalty of $24.6m will be put before the Federal Court, and HSBC said it had already provided about £14m in refunds and compensation.
Reported by City AM · How we write briefs