HSBC to Pay $43 Million to Resolve Money-Laundering Probe
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HSBC Holdings Plc agreed to pay 40 million Swiss francs ($43 million) to close an investigation by Geneva prosecutors into allegations of money laundering at its Swiss private banking unit.
The bank will not face criminal charges and instead will pay the penalty for “past organizational deficiencies,” the lender said in a statement. The amount of the fine was based on an estimate of profits the bank made from the accounts under scrutiny, and costs for public damages, Geneva Public Prosecutor Olivier Jornot told journalists at a briefing on Thursday.