Due to the dubious money transfer case, shares of HSBC and Standard Chartered fell sharply


Due to the suspicion of transferring money, HSBC and Standard Chartered shares fell to a record point

Shares of HSBC and Standard Chartered listed in the UK and Hong Kong both plunged in the first trading session of September 21 after the information that these two banks had transferred suspicious funds.

Shares of HSBC in Hong Kong slipped 4.4% to HK $ 29.60, the lowest level in more than 25 years. Documentary photo: AFP

On the Hong Kong market, HSBC shares plunged 4.4% to HK $ 29.60, the lowest level since May 1995, while Standard Chartered shares listed on this market also fell 3, 8% to HK $ 35.80, the lowest level since May 2020.

Meanwhile, London-listed HSBC shares slumped 3.6% to the lowest level recorded during the Asian financial crisis in 1998 while Standard Chartered shares listed in London also fell 3.6%. to the lowest level in the past 22 years, contributing “strength” to the widespread sell-off in Europe with the Stoxx Europe 600 Banks index of European banks down 4%.

Previously, the news site BuzzFeed and many other media reported, HSBC and Standard Chartered and many other banks have transferred large amounts of money that are considered unjustified in the past two decades, despite being warned about the origin of such funds. The above information is based on suspicious behavioral reports (SARs) that banks and finance companies send to the Financial Violation Handling Authority (FinCen) under the US Department of the Treasury.

The SAR reports, which BuzzFeed news agency uncovered and shared with the International Federation of Investigative Journalists, provided many other media outlets, listed 2,100 “suspicious” cases. According to the Federation of International Investigative Journalists, HSBC and Standard Chartered are two of the five banks that appear most in SAR documents.

Representatives of HSBC said: “All information given by the Federation of International Journalists is in the past”. The HSBC side added that since 2012, this bank has persistently strengthened its capacity to deal with financial crimes through more than 60 jurisdictions.

Standard Chartered said: “We have a responsibility to take financial crimes seriously and invest consistently in our compliance programs.”

On the Hong Kong market, the Hang Seng index today fell the most in Asia-Pacific when the session closed with 23,950.69 points, down 2.06%.

The red color also surrounded mainland China ‘s stock market with the Shanghai Composite Index falling 0.63% to 3,316.94 points, while the Shenzhen Component slipped 0.72% deeper to 13,149.50 points. China today, September 21, announced its decision to keep the basic lending interest rate. Specifically, the 1-year and 5-year rates were kept unchanged at 3.85% and 4.65% respectively.

South Korea’s Kospi slipped deeper with 0.95%, while Australia’s S & P / ASX 200 fell 0.71% and closed at 5,822.60 points. The Japanese stock market today closed for a holiday. Overall, the MSCI Asia-Pacific Index (excluding Japan) lost about 1%.

The money market today recorded a appreciation of the greenback. The US dollar index against other major currencies rose from 92,776 established earlier to 93.3. Japanese Yen also appreciated and traded 104.29 USD “eat” 1 USD compared to 105.6 USD / USD set last week. By contrast, the Australian dollar weakened to 1 AUD / 0.729 USD.

Oil prices on the Asian market went down this afternoon. Futures prices for Brent crude fell 2.06% to $ 42.26 / barrel, while the US crude futures price slid further with 2.32% to $ 41.16 / barrel.

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