In September 2020 the ICIJ, BuzzFeed News and more than 400 journalists in 88 countries published the FinCEN Files. These were leaked suspicious-activity reports filed by banks with the US Treasury’s Financial Crimes Enforcement Network.
The reports showed HSBC moved money through its Hong Kong accounts for WCM777, which reporters described as an $80 million fraud. The US Securities and Exchange Commission shut it down in 2014. This happened shortly after HSBC’s 2012 US deferred prosecution agreement over money laundering.
WCM777’s founder denied it was a Ponzi scheme. A US class action by investors, alleging HSBC Hong Kong was “instrumental” in the scheme, was dismissed because it had been brought in the wrong jurisdiction.
HSBC’s position
HSBC said it had always met its legal duties on reporting suspicious activity.
The evidence
2 sourcesLast checked 2 November 2026. Something wrong or out of date? Tell us and we’ll correct it.