FINMA rules that HSBC Private Bank (Suisse) violated money laundering regulations in connection with two unnamed politically exposed people.
Finma watchdog says bank failed to carry out adequate checks of two high-risk business relationships
FINMA said it had ordered the bank to conduct a review of all current business relationships with politically exposed people and that it would stop the bank from entering business relationships with them. In a written response, the London-headquartered bank declined to comment as it plans to appeal the decision.