HSBC Australia Faces A$35 Million Penalty Over Scam Protection Failures
Australia's corporate regulator ASIC is seeking a A$35 million penalty after HSBC Australia admitted to serious failures in protecting customers from scams. The bank has launched a large-scale compensation and remediation program.
Australia's corporate regulator, the Australian Securities and Investments Commission (ASIC), is seeking a A$35 million penalty from HSBC Australia after the bank admitted to serious failures in its scam protection measures.
HSBC Australia has acknowledged the shortcomings and launched a large-scale customer compensation and remediation program to address the impact of the failures. The penalty follows an investigation into the bank's inadequate safeguards against fraudulent activities affecting its customers.
Source: First Squawk