Mexico fines HSBC $27.5m

MEXICAN regulators yesterday fined HSBC $27.5m (£17.8m) for poor money laundering controls, following allegations the bank dealt with rogue nations and drug gangs.

The country’s National Banking and Securities Commission highlighted 1,729 occasions where there was late reporting of suspicious transactions at the firm.

The US Department of Justice is conducting its own investigation into HSBC, with analysts saying it could result in a fine of up to $1bn.