HSBC Private Bank barred from new PEP business in Switzerland

FINMA, the Swiss Financial Market Supervisory Authority, has ordered HSBC Private Bank (Suisse) SA not to take on any new politically exposed persons (PEPs) as clients until it has corrected anti-money laundering compliance failings identified in the handling of two past PEP business relationships.

FINMA, the Swiss Financial Market Supervisory Authority, has ordered HSBC Private Bank (Suisse) SA not to take on any new politically exposed persons (PEPs) as clients until it has corrected anti-money laundering compliance failings identified in the handling of two past PEP business relationships.