HSBC shares plunge to lowest since 1995, StanChart falls after 'FinCEN' leak

HSBC headquarters is seen at the financial Central district in Hong Kong China

HSBC headquarters is seen at the financial Central district in Hong Kong China

According to BuzzFeed and other media reports, despite red flags about the origins of the money, the banks moved the cash for almost two decades. HSBC reported its financial results for the fiscal first half in August that highlighted a 77% decline in its net profit.

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The two British banks, which both have global operations weighted especially to Asia, are alleged to have ignored warnings from the US Department of Treasury's Financial Crimes Enforcement Network. In related news, Standard Chartered offered UAE Amazon instalment plan last week.

Sept 21 (Reuters) - European stocks headed for their worst fall in nearly two months on Monday, hit by worries about a surge in coronavirus cases across the continent and a slide in HSBC and Standard Chartered following reports that put the United Kingdom banks among those moving large sums of allegedly illicit funds over the past two decades. On a year to date basis, HSBC has now lost close to 50% in the stock market. Here's how you can buy shares online in 2020.

HSBC shares in Hong Kong fell as much as 4.4 per cet to HK$29.60 earlier in the day while Standard Chartered shares dropped 3.8 per cent to HK$35.80 per share. By Monday afternoon, Standard Chartered's stock was down 2.69% and HSBC was down 2.91%. The European banks index, also known as.SX7P, as a whole, was reported about 4% down on Monday.

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More than 2,100 SARs, which are in themselves not necessarily proof of wrongdoing, were obtained by BuzzFeed News and shared with the International Consortium of Investigative Journalists (ICIJ) and other media organisations.

HSBC said the leaked documents related to historical events. The bank said as of 2012, "HSBC embarked on a multi-year journey to overhaul its ability to combat financial crime across more than 60 jurisdictions".

StanChart said in a statement, "We take our responsibility to fight financial crime extremely seriously and have invested substantially in our compliance programmes".

HSBC, the bank at the centre of the scandal, saw its share price fall more than 5% in London, but the revelations dragged down the entire sector, with Barclays, Lloyds and NatWest all dropping about 6%.

"The bank has complied with all its legal and regulatory obligations, including in relation to the US sanctions".

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