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    HSBC's Australia unit faces $24.6 million penalty over scam protection failures

    Picture of HSBC Holdings logoHSBC Holdings
    18/06/2026 01:52
    HSBC's Australia unit faces $24.6 million penalty over scam protection failures
    June 18 (Reuters) - HSBC's 0005.HK, HSBA.L Australia unit has admitted to serious failures in protecting customers from scams and could face a A$35 million ($24.59 million) penalty pending court approval, Australia's corporate regulator said on Thursday.
    The Australian Securities and Investments Commission (ASIC) and HSBC will jointly ask the Federal Court to approve the proposed penalty, in what the regulator said one of the first cases of its kind globally targeting a bank's handling of scam risks.
         
    ($1 = 1.4235 Australian dollars)

     (Reporting by Anjali Singh in Bengaluru; Editing by Subhranshu Sahu)
     ((anjali.singh2@thomsonreuters.com;))

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