Logo of the HSBC Private Bank, in Geneva, September 21, 2006. (Credit: AFP).
BEIRUT — Nearly 15 years. That was how long it took for HSBC Private Bank in Geneva to report a series of suspicious transfers to Swiss regulators involving the former governor of the Central Bank, Riad Salameh, as well as his brother Raja and the company Forry Associates, Swiss anti-corruption organization Public Eye revealed in its investigation on Monday.On June 18, 2024, the Swiss Financial Market Supervisory Authority (FINMA) accused HSBC’s Swiss branch of seriously breaching its “due-diligence obligations” and failing to prevent money laundering “in relation to two politically exposed persons.” FINMA had consequently barred the bank from engaging in new business relationships with politically exposed persons until a review of all its current relationships was conducted. Prosecuted in a dozen countries since 2021 including Lebanon,...
BEIRUT — Nearly 15 years. That was how long it took for HSBC Private Bank in Geneva to report a series of suspicious transfers to Swiss regulators involving the former governor of the Central Bank, Riad Salameh, as well as his brother Raja and the company Forry Associates, Swiss anti-corruption organization Public Eye revealed in its investigation on Monday.On June 18, 2024, the Swiss Financial Market Supervisory Authority (FINMA) accused HSBC’s Swiss branch of seriously breaching its “due-diligence obligations” and failing to prevent money laundering “in relation to two politically exposed persons.” FINMA had consequently barred the bank from engaging in new business relationships with politically exposed persons until a review of all its current relationships was conducted. Prosecuted in a dozen countries since 2021...