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Regulators Fine Argentine Unit of HSBC $14 Million, Telam Says

Aug. 13 (Bloomberg) -- Argentina’s anti-money laundering office fined the local unit of HSBC Holdings Plc 64 million pesos ($14 million) for failing to report suspicious company transactions, state-run news agency Telam reported.

The transactions, worth about 31.7 million pesos, took place from September to December 2007 and involved a company that said it had neither employees nor installations, the agency said.

Officials at the regulators office and an official at the bank declined to comment when contacted by Bloomberg.

To contact the reporter on this story: Eliana Raszewski in Buenos Aires at eraszewski@bloomberg.net.

To contact the editor responsible for this story: Philip Sanders at psanders@bloomberg.net.

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