HSBC Fined £27.8m Over Money-laundering Claims

HSBC has been fined a record 40 million Swiss francs by the Geneva authorities for “organisational deficiencies” which allowed money laundering to take place in the bank’s Swiss subsidiary.
Announcing the biggest fine ever imposed by Geneva’s authorities, the city’s chief prosecutor, Olivier Jornot, launched a stinging attack against his own country’s financial laws.
Geneva has agreed to close the investigation against HSBC in return for the financial settlement, but Jornot warned the bank was on its final warning, saying: “This is an excuse which will only apply once.”