09:02 AM EDT, 09/24/2024 (MT Newswires) -- (Updates with responses from JPMorgan ( JPM ) and HSBC ( HSBC ) in last two paragraphs.)

JPMorgan Chase ( JPM ) and HSBC ( HSBC ) were among several financial organizations that unwittingly enabled private military company Wagner's mining operations in Africa, US think tank C4ADS alleged in a report Tuesday.

The report said Wagner's mining companies, which needed supplies and equipment, often involved signing engineering procurement and construction contracts with Chinese firms and local African suppliers. The report alleged that contracts from leaked datasets show payments for the supplies and equipment were made available through intermediary banks, including JPMorgan ( JPM ) and HSBC ( HSBC ).

C4ADS also alleged that the funds facilitated by the banks helped Wagner sustain and expand its operations in Africa.

HSBC ( HSBC ) said it is "'deeply committed to combatting financial crime and to the integrity of the global financial system," the financial services company said in an emailed statement. "We have invested significantly in building and maintaining an effective control framework to detect and mitigate this risk."

JPMorgan ( JPM ) declined to comment.

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