HSBC allowed suspicious transactions of up to USD1.5 billion, promoting criminal operations
Annually, the estimated amount of money laundered is in the range of USD800bn to USD2tn, which represents 2-5% of global GDP1;p3. Money laundering promotes crime, allowing drug traffickers, smugglers, and other criminals to expand their operations2;p8. The major channel fraudsters and criminals use in money laundering is through banks and financial institutions1;p3.
HSBC's financial education reached over 30,000 people in 2019
A suitable practice to help global economic growth, sustainable development and in particular upgrade financial inclusion and well-being outcome is by investing in financial literacy programmes1;p3. 15-year-old students with high proficiency in financial literacy are more likely than those with low proficiency to be oriented towards saving, to expect to complete a university education and to work in a high-skilled occupation, data show by a recent PISA 2015 study. Moreover, half of the adults in G20 countries achieved the minimum target score of at least six out of nine financial behaviors required to improve financial well-being1;p8.
In 2018, HSBC faced data breach spanning over 10 days exposing customer's details to hackers
In 2020, globally, on average, a data breach costs $3.86 million9. In the first half of 2019, 4.1 billion records were exposed due to data breaches. In 2019, cyber-crime cost businesses more than $2 trillion, and this cost is expected to reach $6 trillion by 20211. In 2018, banking industry experienced the most cyber-attacks, accounted for $18.3 million2.
HSBC advocates for LGBT+ community rights in the United Kingdom
According to the UN, more 1/3 of the world’s countries criminalize consensual, loving same-sex relationships, entrenching prejudice and putting millions of people at risk of blackmail, arrest and imprisonment.6
HSBC administrative glitch causes thousands of SMB loans in the UK to be wrongly assigned; about 42% applicants made to wait over a month before being turned down
When the earlier introduced Coronavirus Business Interruption Loan Scheme (CBILS) seemed complicated and not borrower-friendly, which lead to poor response from affected small-to-medium-sized businesses (SMBs), the UK Government came up with an alternative called the Bounce Back Loans Scheme (BBLS)1, designed to be simpler and quicker.