GENEVA, SWITZERLAND - The Mexican subsidiary of London-based HSBC bank has been fined $28 million for money laundering.
The National Securities and Banking Commission of Mexico said the bank failed to prevent money laundering through some of its accounts.
This is not the first time HSBC has been under the scope of authorities. A US Senate investigative committee said that in 2007 and 2008 HSBC Mexico sent about $7 billion in cash to that country.
El Universal newspaper broke the news on 25 July.