The Australian Securities and Investments Commission seeks to fine HSBC Bank $35 million for failing to protect against fraud.

The Australian Securities and Investments Commission announced that HSBC has admitted to serious lapses in protecting customers from fraud, resulting in several clients suffering losses of tens of thousands of Australian dollars. The Australian Securities and Investments Commission will join HSBC in seeking a Federal Court ruling that HSBC has engaged in unlawful conduct, and impose a fine of 35 million Australian dollars. HSBC admitted that from May 2023 to May 2024, there were insufficient risk management controls in place within the bank's internal transfer system, and there were significant delays in handling fraud investigations. Following ASIC's investigation, HSBC has launched a large-scale customer remediation program. As of now, HSBC has paid out approximately 21.5 million Australian dollars in compensation.