Australia News

HSBC Australia Sued Over Alleged Failure to Prevent $23 Million Scam Losses

The ASIC alleged HSBC Australia failed to have a proper system to prevent and detect unauthorised transactions.
HSBC Australia Sued Over Alleged Failure to Prevent $23 Million Scam Losses
HSBC logo is seen in the financial district in New York, on Aug. 7, 2019. Brendan McDermid/Reuters
Alfred Bui
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Australia’s corporate regulator has taken legal action against a major international bank for allegedly failing to protect customers from scams.

On Dec. 16, the Australian Securities and Investments Commission (ASIC) announced that it had filed a lawsuit against HSBC Australia in the Federal Court.

Alfred Bui
Alfred Bui
Author
Alfred Bui is an Australian reporter based in Melbourne and focuses on local and business news. He is a former small business owner and has two master’s degrees in business and business law. Contact him at [email protected].