...as crime fight pays for HSBC

IT IS not the most obvious next move after you’ve been accused of failing to crack down on crooks in your own banking network.

But giant bank HSBC has discussed the idea of selling its software for combating financial crime to its rivals, it has emerged.

Natalie Blyth, head of trade at HSBC, told investors the bank’s new technology has made its money laundering checks fully automatic.

Her comments came after a cache of documents allegedly showed that HSBC had flagged irregular transactions in 2,100 suspicious activity reports to the US Treasury Department between 2000 and 2017 – but reports on the so- called ‘ FinCEN files’ claimed HSBC did not take further action. Banks are supposed to stop moving cash if they have evidence of criminal behaviour.

It is understood that HSBC is not in active discussions to sell its technology.