HSBC to Appeal Swiss Regulator's Ruling Following Money Laundering Investigation

MT Newswires Live06-19

HSBC (HKG:0005) will appeal the decision of Swiss financial regulator Finma as part of its money laundering probe on unit HSBC Private Bank (Suisse), according to a statement emailed by the bank to MT Newswires Wednesday.

Finma found HSBC's Swiss private bank in violation of money laundering regulations based on transactions made between 2002 and 2015 worth $300 million involving two unnamed politically exposed individuals, according to a Tuesday press release by Finma.

HSBC's unit closed the accounts in 2016 because of the risks involved in the banking relationships but did not notify regulators about the transactions until September 2020.

The bank will not be allowed to commence new transactions with politically exposed individuals until auditors complete their reviews, Finma said.

"HSBC takes its Anti-Money Laundering obligations very seriously including complying with all laws and regulations in every market we operate in," the bank said in a statement emailed to MT Newswires.

Price (HKD): $68.55, Change: $+0.60, Percent Change: +0.88%

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