HSBC's Swiss private bank violated money laundering laws, failing to properly check $300m funds; FINMA barred them from high-risk customers until review.
Swiss financial watchdog FINMA found that HSBC's Swiss private bank violated money laundering laws, failing to properly check $300m worth of funds transferred between Lebanon and Switzerland over a 13-year period. The bank did not sufficiently check the origins, purpose or background of assets associated with two high-risk business relationships, and has been barred from taking on any high-risk customers until it completes a comprehensive review.
June 18, 2024
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