HSBC moved scam millions, big banking leak shows

HSBC allowed fraudsters to transfer millions of dollars around the world even after it had learned of their scam, leaked secret files show, reported British Broadcasting Corporation (BBC).

Britain's biggest bank moved the money through its US business to HSBC accounts in Hong Kong in 2013 and 2014, said the BBC report.

Its role in the $80m (£62m) fraud is detailed in a leak of documents - banks' "suspicious activity reports" - that have been called the FinCEN Files.

HSBC says it has always met its legal duties on reporting such activity, said the report.

The files show the investment scam, known as a Ponzi scheme, started soon after the bank was fined $1.9bn (£1.4bn) in the US over money laundering. It had promised to clamp down on these sorts of practices, the BBC added.

Click BBC to read the detail original report.