HSBC Private Bank (Switzerland) is in the crosshairs of the Swiss and French judicial authorities for accusations of money laundering. According to the British banking group, the authorities of the two countries conduct criminal investigations against it.
ATS
These surveys relate to two “historic” banking relationships, indicates the half -yearly HSBC report published on Wednesday. Surveys against the Swiss subsidiary are currently at an early stage.
In June 2024, the Federal Financial Market Supervisory Authority (FINMA) ordered measures against HSBC Private Bank (Switzerland) for violation of money laundering rules. She had prohibited the establishment from establishing new business relations with people politically exposed until further notice, and asked to verify her current business relations.
Fund from Lebanon
Finma then referred to two business relationships with politically exposed people from Lebanon. In these cases, the bank had not sufficiently verified the origin and the purpose of the assets. According to the financial gendarme, these were funds in the amount of 300 million francs from a Lebanese public institution.
The assets would come from the Lebanese central bank. Its former director, Riad Salameh, is accused of having diverted more than $ 300 million, with the support of his brother Raja Salameh.
In 2020, the public prosecutor of the Confederation opened an investigation against Mr. Salameh and his brother for suspicion of aggravated money laundering.