HSBC Private Bank (Switzerland) is accused of violating money laundering regulations. The Swiss Financial Market Supervisory Authority (Finma) has ordered measures to be taken. The Swiss subsidiary of the British banking group failed to comply with its money laundering prevention obligations in respect of two politically exposed persons, Finma wrote in a statement on Tuesday. As a result, the financial watchdog has ordered measures against the asset manager, including a ban on opening new business relationships with this type of high-risk client. Do you want to read our weekly top stories? Subscribe here. This decision follows an enforcement procedure opened in December 2021, during which the bank cooperated, Finma said. + Dirty money can thrive without Swiss banking secrecy The investigation revealed that HSBC Private Bank (Switzerland) had two high-risk business relationships for which it had not sufficiently verified the origin of the assets, their purpose or their economic ...
