Which authority is recorded against HSBC Private Bank (Suisse) SA?

The entry is recorded against FINMA, in the Switzerland jurisdiction, under the theme Politically exposed persons · AML obligations.

What is the current status of this entry?

Status: Enforcement proceedings concluded. Last recorded change: 16 March 2021. The matter arose or was first recorded on 16 March 2021.

How was this matter brought to light?

FINMA enforcement proceedings. Each statement in the entry reflects material already published by a named source; nothing beyond those sources is asserted or inferred.

Where can the primary sources for CH-2024-03 be checked?

The entry links to FINMA press release, 18 June 2024.

CH-2024-03 · Switzerland · 2024

FINMA finds AML obligations breached in two PEP relationships

FINMA established in enforcement proceedings that the bank breached its money-laundering prevention obligations in connection with two politically exposed persons, and imposed measures to restore compliance.

Geneva private banking district, illustrating FINMA proceedings against a private bank — Illustrative image · HSBC Private Bank (Suisse) SA

Institution: HSBC Private Bank (Suisse) SA
Authority: FINMA
Status: Enforcement proceedings concluded
Theme: Politically exposed persons · AML obligations
Raised by: FINMA enforcement proceedings
Jurisdiction: Switzerland
Matter arose: 16 March 2021
Last recorded: 16 March 2021

What the sources record

The supervisor found the breaches serious under financial market law.

Measures were imposed to ensure that compliance is re-established; FINMA published the outcome on 18 June 2024.

Primary sources

FINMA press release, 18 June 2024

Questions and answers on this entry

What does register entry CH-2024-03 record?: FINMA finds AML obligations breached in two PEP relationships. FINMA established in enforcement proceedings that the bank breached its money-laundering prevention obligations in connection with two politically exposed persons, and imposed measures to restore compliance.
Which authority is recorded against HSBC Private Bank (Suisse) SA?: The entry is recorded against FINMA, in the Switzerland jurisdiction, under the theme Politically exposed persons · AML obligations.
What is the current status of this entry?: Status: Enforcement proceedings concluded. Last recorded change: 16 March 2021. The matter arose or was first recorded on 16 March 2021.
How was this matter brought to light?: FINMA enforcement proceedings. Each statement in the entry reflects material already published by a named source; nothing beyond those sources is asserted or inferred.
Where can the primary sources for CH-2024-03 be checked?: The entry links to FINMA press release, 18 June 2024.

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