July 30, 2025|
AI
|4 months agoSwiss Authorities Investigate HSBC for Money Laundering
HSBC Private Bank Switzerland faces criminal probes by Swiss and French authorities over historic banking relationships, following earlier FINMA restrictions on politically exposed persons.
AI
Generated IllustrationKey Takeaways
AI
- HSBC Private Bank (Switzerland) is currently under criminal investigation by both Swiss and French authorities.
- The investigations concern two specific 'historic' banking relationships.
- In June 2024, FINMA prohibited HSBC Switzerland from opening new accounts for politically exposed persons (PEPs).
- The Swiss Attorney General opened an investigation into Riad and Raja Salameh in 2020.
By The Numbers
CHF 300 million
Total funds involved
$300 million
Embezzled amount
2
Number of countries investigating
They Said
"The investigations against the Swiss subsidiary are currently at an early stage."