HSBC PPI Claims Causing Problems

London based banking giant HSBC, which along with other UK high street banks was involved in the massive mis selling of PPI, has been fined $6 million dollars, for failing to report suspicious banking activities.The Argentine government said it had levied the substantial fine, after the bank failed to report the movement of 3 million dollars by an association of bread bakers, which the government said was a clear case of money laundering.

Government officials railed against the banks, saying that the associations, “invisible” profile and non-existent banking activity should have alerted it to such a suspicious transfer of money.

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HSBC, along with other high street banks, lost a high court ruling in 2011, which forced it to pay compensation to millions of people in the UK, who were mis sold payment protection insurance and wwere forced to make ppi claims on website such as http://www.mrppiclaimsco.com

HSBC announced in November that it’s total provision for mis sold PPI, had reached a staggering £1.3 billion.

Also last month, the US government. fined HSBC $1.92 billion for allowing Iranian companies to use it’s banking services and also allowing Mexican drug money to be laundered through it’s banking network.

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