HSBC, UBP, EFG Targeted by Regulator on Ben Ali Clan Funds: RTS

The banks broke due diligence rules in overseeing funds for the family of Tunisia’s former ruler Zine El Abidine Ben Ali, Swiss radio and television RTS reported late yesterday, citing documents by the Swiss financial supervisor Finma. *HSBC to pay procedural costs of CHF88,000; UBP CHF49,000; EFG CHF46,000: RTS *The banks were not fined: RTS *The Ben Ali family sent more than $320m through Geneva banks in the 2000s: RTS *Finma spokesman Vinzenz Mathys declined to comment when contacted by Bloomberg News today *Regulator found monitoring controls at HSBC weren’t effective, HSBC spokesman David Bruegger says by e-mail today *Finma said UBP failed to comply with certain guidelines on identifying politically exposed people, UBP spokesman Jerome Koechlin says by e-mail today *EFG spokesman Keith Gapp declined to comment today *NOTE: Nov. 2011: Four Swiss Banks Face Action Over Former Arab Rulers’ Funds NSN LUGHQ007SXKX <GO> *NOTE: Frozen Mubarak Assets Show Swiss Fighting Taint of Dirty Money NSN LGM7CO0UQVI9 <GO>

To contact the reporter on this story: Giles Broom in Geneva at

To contact the editor responsible for this story: Frank Connelly at

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