Fed fines HSBC $175m for unsafe forex practices

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Fed: “HSBC’s deficient policies and procedures prevented it from detecting and addressing unsafe and unsound conduct by certain of its FX traders”

The US Federal Reserve Board fined HSBC and its subsidiaries more than $175 million on September 29 for unsafe and unsound foreign exchange (forex) practices, and has ordered the bank to improve its controls and compliance risk management.

The US central bank said that from October 2008 to October 2013, HSBC was lacking in its oversight of, and internal controls over, currency traders who bought and sold dollars and other foreign currencies for the bank and its customers.

The Fed also said

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