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HSBC shut down accounts linked to Gupta scandal

Story from: South Africa | The Guardian

Bank admits concerns for the first time about its potential ties to growing South Africa scandal after closing accounts held by ‘front companies’

HSBC has revealed that it closed accounts linked to South Africa’s Gupta family corruption investigation, admitting for the first time concerns about its potential ties to the snowballing scandal.

The bank said it had also flagged up its concerns to the financial crime expert who has overseen its money-laundering controls since it was fined a record $1.9bn in 2012 for processing cash for Mexican drug lords and terrorists.

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