HSBC breached money laundering rules in Switzerland, a watchdog has said.
The lender’s Swiss private bank failed to conduct proper checks on £236million worth of funds sent between Lebanon and Switzerland during a period of 13 years, the Swiss Financial Market Supervisory Authority (Finma) said.
The regulator said HSBC ‘seriously violated’ money laundering rules over its relationship with two politically exposed customers.
HSBC failed to adequately check the origins, purpose or background of assets involved with two high-risk business relationships, Finma said.
The private bank now cannot enter into any business relationships with anyone in public office until it has reviewed all its high-risk and politically-exposed clients.
HSBC was contacted for comment.
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