Switzerland’s financial regulator has banned HSBC’s Swiss private bank from taking on prominent public figures as clients after finding the lender violated anti-money laundering regulations.
Finma imposed a range of penalties on HSBC’s subsidiary in relation to a case that involved several transactions between 2002 and 2015 in which more than $300mn was transferred between Lebanon and Switzerland.
HSBC failed to notify authorities about the transactions until September 2020, despite closing the accounts down in 2016 because of the risks of maintaining the relationships.
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