Day: June 19, 2024

Written by FinCrime

Credit Suisse Urged Archegos to Be ‘More Aggressive’

Reported by Anthony Lin, Senior Legal Editor Here are the key takeaways from the day’s testimony: Former Archegos head trader William Tomita said Hwang lied to Archegos’ biggest counterparties on a March 25, 2021, call. Hwang told the banks that his family office’s core positions were fairly liquid, with average daily volumes in the $2 […]

Written by FinCrime

HSBC Switzerland violates money laundering guidelines

Reported by Anika Sidhika The HSBC branch in Switzerland violated its anti-money laundering duties in relation to two politically exposed individuals, according to the Swiss banking authority FINMA. Reported by Reuters, FINMA revealed that it has directed the bank to review all of its existing business dealings with individuals who are politically vulnerable and that […]