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HSBC's Swiss private bank to pay US authorities over $190 million

News Team, 11/12/2019

HSBC Private Bank (Suisse) SA must pay the US authorities $192.35 million following an investigation into its legacy business with US clients.

The private bank has reached a settlement with the US Department of Justice. The prosecution relates to activities from at least 2000 to 2010.

The amount has been fully provisioned, HSBC said.

HSBC Swiss Private Bank contacted the justice department a few years before the US-Swiss Bank Program was announced in 2013 and self-reported its past activities.

It has cooperated with US authorities, in compliance with Swiss law, to bring this investigation to a close,...


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