Australia takes HSBC to court over neglecting scam victims
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Australia's corporate regulator, ASIC, has filed a lawsuit against HSBC Australia, alleging the bank neglected to respond adequately to around 950 reports of unauthorized transactions, resulting in customer losses nearing A$1 million. ASIC claims HSBC took an average of 145 days to investigate these matters and lacked sufficient controls to prevent such incidents. The regulator is seeking penalties and declarations of contraventions, stating that HSBC's failings were widespread and systemic. HSBC has not yet commented on the allegations.
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