Wednesday, September 18, 2019
 
Columnist
Martin Hennecke

HSBC fined $2.1m for crossing lines
 
11/09/2019
 
The Hongkong and Shanghai Banking Corporation has been fined HK$2.1 million for not having phone recordings of clients' order instructions. The Securities and Futures Commission said HSBC failed to set up or enable recordings for some lines in its private banking unit between April 8, 2017, and January 31, 2018, during which 5,830 orders received over 59 lines were not recorded. HSBC is said to have failed to put in place effective control measures to ensure proper implementation of recordings and timely detection of any recording failures. Meanwhile, China CITIC Bank International launched a FX Bundled USD Time Deposit today. Personal customers who convert more than HK$10,000 into US dollars can enjoy a preferential interest rate, with the one-week tenor being 8.8 percent per annum, 5.5 percent for two weeks, and 3.8 percent for one month. HSBC recently cut its overall US dollar time deposit rate. Its three-month interest rate ranged from 1.9 to 2.1 percent per annum.

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