SINGAPORE âÂ Hong Kong-listed shares ofÂ Standard Chartered and HSBCÂ tumbled on Monday following reports that they allegedly moved large sums of suspicious funds.
By Monday afternoon, shares of Standard Chartered tumbled 2.69% and HSBC fell 2.91%. Earlier in the trading day, shares of HSBC had fallen to a more than 25-year low, according to FactSet. The moves came after the banks â among several global lenders â were identified in media reports as having allegedly moved suspicious funds over a period of nearly two decades, according to Reuters. The reports cited confidential documents submitted by banks to the U.S. government.Â
« We do not comment on suspicious activity reporting, » HSBC said in a statement to CNBC. « Since 2012, HSBC has embarked on a multi-year journey to overhaul its ability to combat financial crime across more than 60 jurisdictions. »
Standard Chartered, meanwhile, said in a statement: « The reality is that there will always be attempts to launder money and evade sanctions; the responsibility of banks is to build effective screening and monitoring programmes to protect the global financial system. »
« We take our responsibility to fight financial crime extremely seriously and have invested substantially in our compliance programmes, » Standard Chartered wrote.Â
The U.S. government is expected to pursue fines, Amber Hill Capital’s Jackson Wong told CNBC’s « Street Signs Asia » on Monday. That means « more fine payments » for HSBC and Standard Chartered, he said, adding that such litigations « will not go away. »
Mainland Chinese stocks also saw losses. The Shanghai compositeÂ was down 0.41% while the Shenzhen componentÂ dipped 0.198%.Â China’s one-year and five-year Loan Prime Rate (LPR) on Monday were kept unchanged at 3.85% and 4.65%, respectively.
Overall, the MSCI Asia ex-Japan index dipped 0.21%.Â Markets in Japan are closed on Monday for a holiday.
TheÂ U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.776 after last week’s decline from levels above 93.3.
TheÂ Japanese yenÂ traded at 104.29 per dollar after strengthening in the previous trading week from levels above 105.6 against the greenback. TheÂ Australian dollarÂ changed hands at $0.732 after trading last week between levels above $0.732 and below $0.729.
Oil prices were higher in the afternoon of Asian trading hours, with international benchmarkÂ Brent crude futuresÂ up 0.16% to $43.22 per barrel.Â U.S. crude futuresÂ were 0.12% higher at $41.16 per barrel.
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World news – CA – HSBC and StanChart shares tumble after reports show they moved suspicious funds; Asia-Pacific markets mostly lower