HSBC fined for Anti-money laundering failures

The Financial Conduct Authority (FCA) has fined HSBC £64 million after failing to monitor its anti-money laundering processes. It was reported that the issue had taken place between 2010 and 2018. Initially, HSBC had been summoned to pay a fine of £91.4 million, but now reduced by 30%.

This has not been the first time that HSBC has faced anti-money laundering allegations. The bank had previously been forced to pay US authorities £1.2bn for failing to monitor drug-related money laundering in Mexico.

M&S sues Aldi

M&S are taking legal action yet again, claiming that Aldi have allegedly copied their “Light Up” Christmas gin with their own “The Infusionist gin”. Both products share a striking resemblance such as a similar bottle shape and festive design. This has led M&S to claim that it is a protected design and this would only confuse consumers.

What does this mean for Aldi?

M&S is seeking an injunction against Aldi, which would stop it from selling their gin and pay damages for infringing M&S’s design. Aldi have also been previously been in hot water with M&S after allegedly copying the “Cuthbert the Caterpillar” birthday cake.

TFL funding crisis

Due to the COVID pandemic, one of the sectors to be most affected is transport. On 1^st June 2021, a deal had been made between TFL and the DFT to support transport services. As less people had to go into work, this meant there were less people using public transport and therefore, a loss of revenue. Initially, the Funding Package provided support from 29 May to 11 December 2021.

What are the next steps?

London’s Transport Commission, Andy Byford has stated that the Government has confirmed an extension of its funding support for TFL until 4 February. This will allow them some time to set out a range of proposals which aid the TFL’s financial situation.