HSBC Private Bank (Switzerland) is in the sights of the Swiss and French judicial authorities on money laundering charges. +Get the most important news from Switzerland in your inbox According to the British banking group, the authorities in both countries are conducting criminal investigations against it. The probes relate to two "historic" banking relationships, according to HSBC's half-yearly report. The investigations against the Swiss subsidiary are currently at an early stage. In June 2024, the Swiss Financial Market Supervisory Authority (Finma) ordered measures against HSBC Private Bank (Switzerland) for violating money laundering rules. It prohibited the bank from establishing new business relationships with politically exposed persons until further notice, and asked it to verify its current business relationships. Funds from Lebanon At the time, Finma referred to two business relationships with politically exposed persons from Lebanon. In these cases, the bank had not ...
