HSBC's Swiss Branch Violates Money Laundering Regulations

FINMA stated, "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. In addition, a number of high-risk transactions were insufficiently clarified and documented, making it impossible to establish the legitimate nature of these transactions." Recently, as part of an industry-wide investigation into lenders' exposure to the private equity industry, Britain's Prudential Reg ...