WASHINGTON (Reuters) - The U.S. Federal Reserve on Friday fined HSBC Holdings PLC (HSBA.L) $175 million for unsafe and unsound practices in its foreign exchange trading business.
“The Board levied the fine for deficiencies in HSBC’s oversight of, and internal controls over, FX traders,” said the Fed in a statement.
Reporting By Patrick Rucker; Editing by Chizu Nomiyama
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