HSBC’s Swiss private banking arm breached money-laundering rules, regulator finds

HSBC’s Swiss private banking arm operated two high-risk business relationships, the regulator said. Photograph: Felix Clay

HSBC’s Swiss private banking arm breached money-laundering rules by failing to carry out adequate checks on the high-risk accounts of two politically exposed individuals, Switzerland’s banking regulator has found.

HSBC Private Bank (Suisse) has been banned from taking on any new high-risk customers until it has completed a full review of its business relationships, Switzerland’s Financial Market Supervisory Authority (Finma) said.