HSBC Switzerland breached money laundering rules- Swiss watchdog

June 18 (Reuters) – FINMA, the Swiss financial watchdog, said on Tuesday that the local HSBC (HSBA.L), opens new tab branch has breached its obligations in the prevention of money laundering in connection with two politically exposed persons, without naming them.

FINMA said it had ordered the bank to conduct a review of all current business relationships with politically exposed people and that it would stop the bank from entering business relationships with them.

Source: REUTER