ASIC Seeks A$35 Million Penalty After HSBC Admits Serious Fraud-Protection Failings

Australia's securities regulator said it will ask the Federal Court to find HSBC breached the law and impose a A$35 million penalty. According to Ming Pao, the Australian Securities and Investments Commission (ASIC) said HSBC admitted serious shortcomings in protecting customers from fraud, which led to customer losses.