Swiss Regulator Says HSBC Violated Money Laundering Regulations

Swiss financial market supervisory authority FINMA has ruled that HSBC Private Bank (Suisse) SA violated money laundering regulations. "HSBC Private Bank (Suisse) SA operated two high-risk business relationships where it failed to carry out an adequate check of either the origins, purpose or background of the assets involved," FINMA said in the release. "In addition, a number of high-risk transactions were insufficiently clarified and documented, making it impossible to establish the legitimate nature of th ...