Tue. Oct 20th, 2020

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HSBC and StanChart shares tumble

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HSBC China

Hong Kong-listed shares of Standard Chartered and HSBC  tumbled on Monday following reports that they allegedly moved large sums of suspicious funds.

In Monday morning trade, shares of Standard Chartered tumbled 2.96% and HSBC fell 3.23%. The moves came after the banks — among several global lenders — were identified in media reports as having allegedly moved suspicious funds over a period of nearly two decades, according to Reuters. The reports cited confidential documents submitted by banks to the U.S. government.

Standard Chartered, meanwhile, said in a statement: “The reality is that there will always be attempts to launder money and evade sanctions; the responsibility of banks is to build effective screening and monitoring programmes to protect the global financial system.”

“We take our responsibility to fight financial crime extremely seriously and have invested substantially in our compliance programmes,” Standard Chartered wrote.

The U.S. government is expected to pursue fines, Amber Hill Capital’s Jackson Wong told CNBC’s “Street Signs Asia” on Monday. That means “more fine payments” for HSBC and Standard Chartered, he said, adding that such litigations “will not go away.”

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