Swiss bank HSBC is said to have failed to carry out proper checks on funds sent between Lebanon and Switzerland.
HSBC violated money laundering rules in Switzerland, a watchdog has claimed.
The lender’s Swiss private bank failed to carry out adequate checks on funds worth £236 million sent between Lebanon and Switzerland over a 13-year period, the Swiss Financial Market Supervisory Authority (Finma) said.
The regulator said HSBC “seriously breached” money laundering rules over its relationship with two politically exposed clients.
HSBC failed to adequately verify the origins, purpose or background of assets involved in two high-risk business relationships, Finma said.
The private bank cannot now enter into any business relationship with anyone holding public office until it has reviewed all of its high-risk and politically exposed clients.
HSBC has been contacted for comment.
