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January 13, 2015updated 04 Apr 2017 1:48pm

Argentina bans HSBC from making foreign money transfers

The Central Bank of Argentina, acting through the Superintendency of Financial and Exchange Entities (Sefyc), has banned HSBC Bank Argentina from conducting foreign currency and bond transfers abroad for 30 days.

By Verdict Staff

The Central Bank of Argentina, acting through the Superintendency of Financial and Exchange Entities (Sefyc), has banned HSBC Bank Argentina from conducting foreign currency and bond transfers abroad for 30 days.

The ban has been imposed after the Sefyc detected irregularities in the bank’s information systems, especially in the registration and processing of data associated with overseas transfer operations.

The central bank added said that the penalty could be reduced if the unit adopts required corrective measures.

Transfers that are currently being processed, or bank’s operations which do not require funds or titles to be transferred overseas will be immune from the ban.

Last week, Argentine tax agency AFIP raided HSBC’s Buenos Aires offices as part of an investigation into its role in aiding over 4,000 locals dodge taxes by hiding their money in secret Swiss bank accounts.

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