HSBC has today been fined a record 40 million Swiss francs (£27.8m) by the Geneva authorities for previous “organisational deficiencies” which allowed money laundering to take place in HSBC’s Swiss subsidiary. In return, Geneva agreed to close their investigation.

In a statement HSBC said: “The investigation found that neither the bank nor its employees are suspected of any current criminal offences. The Geneva prosecutor acknowledges the progress the bank has made in recent years, including the improvements in its compliance function, internal processes and technology.”


Sign up for notifications

Learn more

Follow

Popular

Portfolio

Navigate to a profile that you would like to add to this portfolio and click 'Save profile'


Title CV Email

Remove All

Download


Click here to email this list.