HSBC’s Swiss private banking arm breached money-laundering rules by failing to carry out adequate checks on the high-risk accounts of two politically exposed individuals, Switzerland’s banking regulator has found. HSBC Private Bank (Suisse) has been banned from taking on any new high-risk customers until it has completed a full review of its business relationships, Switzerland’s Financial Market Supervisory Authority (Finma) said. The watchdog found that the bank had operated two high-risk business relationships where it had failed to carry out an adequate check of either the origins, purpose or background of the assets involved. The regulator said that until the measures had been implemented in full, the bank may not enter into any new business relationships with politically exposed persons. after newsletter promotionThe watchdog has ordered the bank to review all its high-risk business relationships and business relationships with politically exposed persons.

Source: The Guardian June 18, 2024 18:22 UTC