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ASIC secures $24.5m fine for failure to protect customers from scams

Front view of an HSBC branch
The bank has also been asked to write adverse publicity orders to its customers. Photo: Katharina13/Getty Images

Hameed Shuja

2 min read
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ASIC has said the case is one of the first of its kind globally and reinforces the core responsibility of banks to protect their customers from scams.

The Federal Court in Australia has imposed a fine of A$35m ($23.5m) on HSBC Bank for “serious failures in protecting customers from scams,” in a case which the country’s securities regulator called one of the first of its kind in the world.

Following a hearing in Melbourne last week, the

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