HSBC fined £27.8m by Swiss authorities over money-laundering allegations

By 4th June 2015 General News

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.”

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