Switzerland’s financial regulator, Finma, has barred HSBC’s Swiss private bank from onboarding politically exposed persons after uncovering anti-money-laundering violations.
The ruling follows enforcement proceedings opened by Finma in 2021, which focused on the bank’s dealings with two unnamed politically exposed persons, in which more than $300mn was transferred between Lebanon and Switzerland. These transactions were carried out between 2002 and 2015.
