HSBC shares sink to 25-year low in HK

22 September, 2020 12:00 AM printer

HONG KONG: HSBC and Standard Chartered’s Hong Kong shares dropped on Monday (Sep 21) after media reports that they and other banks, including Barclays and Deutsche Bank, moved large sums of allegedly illicit funds over nearly two decades despite red flags about the origins of the money.

BuzzFeed and other media reports were based on leaked suspicious activity reports (SARs) filed by banks and other financial firms with the US Department of Treasury’s Financial Crimes Enforcement Network (FinCen), report agencies.

The revelations underscore challenges for regulatory and financial institutions trying to stop the flow of dirty money despite billions of dollars of investments and penalties imposed on banks in the past decade.

HSBC shares in Hong Kong tanked 5.33 per cent to close at HK$29.30 - a level not seen since mid-1995.

StanChart plunged 6.18 per cent to close at HK$34.90.