Federal Reserve says fined HSBC US$175 million for unsafe forex trades

Federal Reserve says fined HSBC US$175 million for unsafe forex trades

FILE PHOTO: A branch of HSBC Bank is pictured in Cairo, Egypt July 30, 2017. REUTERS/Mohamed Abd El Ghany
WASHINGTON: The U.S. Federal Reserve on Friday fined HSBC Holdings PLC US$175 million for unsafe and unsound practices in its foreign exchange trading business."The Board levied the fine for deficiencies in HSBC's oversight of, and internal controls over, FX traders," said the Fed in a statement.(Reporting By Patrick Rucker; Editing by Chizu Nomiyama)
Source: Reuters