On 18 June 2024 FINMA announced that HSBC Private Bank (Suisse) SA had seriously breached its anti-money-laundering obligations in two high-risk business relationships with politically exposed persons (PEPs). FINMA opened the proceedings in December 2021.
FINMA said the bank failed to properly check the origin, purpose and background of the assets involved, failed to recognise signs of money laundering in the transactions, and did not notify Switzerland’s Money Laundering Reporting Office for a protracted period.
FINMA barred the bank from opening new business relationships with PEPs until reviews were complete and confirmed by an audit agent. It also ordered a review of all high-risk and PEP relationships. FINMA said the decision had not yet entered into force.
HSBC’s position
HSBC said: “We acknowledge the matters raised by Finma, which are historic.” A spokesperson said it planned to appeal.
The evidence
2 sourcesLast checked 2 November 2026. Something wrong or out of date? Tell us and we’ll correct it.