HSBC's Swiss Subsidiary Accused of Money-Laundering Violations by FINMA

Switzerland's top financial regulatory body, FINMA, has recently announced its findings on the private banking arm of HSBC in Switzerland. According to the investigation, HSBC Private Bank (Suisse) has failed to comply with anti-money laundering regulations in its dealings with two politically exposed individuals (PEPs). FINMA has revealed that the bank neglected to conduct thorough assessments on the origins, purpose, and backgrounds of assets involved in two high-risk business relationships. This violation of money-laundering rules has raised concerns about the effectiveness of HSBC's anti-money laundering measures and its commitment to ethical practices.