HSBC Switzerland Breaches Anti-Money Laundering Rules, Says Finma

Jun 18, 2024, 12:30 PM

HSBC's Swiss private banking subsidiary, HSBC Switzerland, has been found to have breached anti-money laundering rules, according to Switzerland’s banking regulator, Finma. The regulator stated that HSBC Switzerland failed to carry out adequate checks on high-risk accounts, which is a violation of the country's money-laundering regulations.