Investigators have now set their sights on HSBC.
In a significant development, Swiss and French law enforcement authorities have launched joint investigations into HSBC Private Bank (Suisse) over suspicions of money laundering involving approximately $330 million linked to Lebanon.
The investigation centres around the Geneva subsidiary of HSBC Private Bank (Suisse), with the focus on high-risk transactions between 2002 and 2015. These transactions involved back-and-forth fund transfers with accounts in Lebanon connected to a Lebanese government institution.
The Swiss Office of the Attorney General confirmed that federal prosecutors launched an inquiry in January 2025, linking the investigation to an ongoing case involving two individuals suspected of embezzling and laundering funds from Lebanon’s central bank.
Swiss financial regulators, the Swiss Financial Market Supervisory Authority (Finma), had previously found regulatory breaches by HSBC Private Bank in managing these accounts. As a result, Finma imposed an independent monitorship on the bank last year and temporarily restricted HSBC from onboarding new politically exposed clients.
French authorities are also conducting parallel investigations into similar allegations against HSBC Private Bank. Although these are still at an early stage, they could have significant consequences for the banking giant.
The investigation comes as the Geneva Institute is under scrutiny for money laundering. HSBC did not provide further details about the investigation, citing ongoing proceedings.
It is advised that users enable JavaScript on the news website NZZ.ch to access its functions.
economic and social policy: The investigation into HSBC Private Bank (Suisse) by Swiss and French authorities could influence future economic and social policies regarding banking and finance.
crime-and-justice: The joint investigations into HSBC Private Bank (Suisse) over money laundering allegations fall under the category of crime-and-justice, raising questions about the bank's business practices and adherence to general-news regulations.
