HSBC Says Swiss and French Authorities Are Probing Private Bank

HSBC Targeted in Swiss Probe Linked to Ex-Lebanon Central Banker

(Bloomberg) -- HSBC Holdings Plc’s Swiss private bank is the focus of a Swiss investigation into suspected money-laundering connected to the alleged embezzlement of hundreds of millions of dollars by the former head of Lebanon’s central bank.

HSBC Says Swiss and French Authorities Are Probing Private Bank

HSBC Holdings Plc’s Swiss private bank is being investigated by local and French law enforcement agencies over its involvement in alleged money laundering, the bank said in a statement.

HSBC's Swiss private bank faces money laundering probes | MLex | Specialist news and analysis on legal risk and regulation

HSBC said today its Swiss private banking unit faces probes in Switzerland and France over suspected money laundering. A year ago, Switzerland's Financial Market Supervisory Authority, said that HSBC Private Bank (Suisse) had committed “serious breaches” of its anti-money laundering rules by failing to properly scrutinize more than $300 million of transfers to and from bank accounts associated with a government institution in Lebanon.

HSBC’s private bank under investigation by Swiss and French authorities

Lender’s Swiss private banking arm hit by money laundering allegations in connection with ‘two historical banking relationships’