According to the British banking group, the authorities in both countries are conducting criminal investigations against it.
The probes relate to two “historic” banking relationships, according to HSBC’s half-yearly report. The investigations against the Swiss subsidiary are currently at an early stage.
In June 2024, the Swiss Financial Market Supervisory Authority (Finma) ordered measures against HSBC Private Bank (Switzerland) for violating money laundering rules. It prohibited the bank from establishing new business relationships with politically exposed persons until further notice, and asked it to verify its current business relationships.
Funds from Lebanon
At the time, Finma referred to two business relationships with politically exposed persons from Lebanon. In these cases, the bank had not sufficiently verified the origin and purpose of the assets. According to the financial watchdog, these involved funds totalling CHF300 million from a Lebanese public institution.
The assets originated from the Lebanese Central Bank. Its former director, Riad Salameh, is accused of embezzling more than $300 million, with the support of his brother Raja Salameh.
In 2020, the Office of the Attorney General of Switzerland opened an investigation against Salameh and his brother on suspicion of aggravated money laundering.
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