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HONG KONG - HSBC HSBA.L and Standard Chartered's STAN.L Hong Kong shares fell on Monday after media reports that they and other banks moved large sums of allegedly illicit funds over nearly two decades despite red flags about the origins of the money.
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BuzzFeed and other media reports were based on leaked suspicious activity reports (SARs) filed by banks and other financial firms with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCen).
GLOBAL BANKS SCRUTINIZE HONG KONG CLIENTS FOR PRO-DEMOCRACY TIES: SOURCES HSBC shares in Hong Kong 0005.HK fell as much as 4.4% to HK$29.60, the lowest since May 1995, while StanChart 2888.HK was down as much as 3.8% to HK$35.80, the lowest since May 25 this year. The Hang Seng Index .HSI was down 0.4%.