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 it would forbid the bank from doing so in the future.

FINMA claims that suspicious transactions totalling $300m were conducted between 2002 and 2015, and that money was moved from Lebanon to Switzerland and vice versa.

Read full report: https://finance.yahoo.com/news/hsbc-switzerland-violates-money-laundering-194514364.html?fr=sycsrp_catchall