HSBC Swiss Private Bank Settles Legacy Investigation With US DOJ
December 10 2019 - 4:46PM
Dow Jones News
By Stephen Nakrosis
HSBC Private Bank (Suisse) SA said Tuesday it agreed to settle a
legacy investigation with the U.S. Justice Department.
The bank said it will pay $192.32 million under a three-year
deferred prosecution agreement to resolve the investigation into
its legacy business with U.S. clients. The deferred prosecution
agreement relates to activities from at least 2000 to 2010, the
bank said.
The Justice Department said Tuesday "HSBC Switzerland admitted
to conspiring with U.S. taxpayers to evade taxes." The Justice
Department also said the bank will pay $60.6 million in restitution
to the IRS and will forfeit $71.85 million to the U.S. HSBC
Switzerland also agreed to pay a penalty of $59.9 million, the
Justice Department said.
"We are pleased to resolve this legacy matter. Over the past
decade we have strengthened our compliance function, enhanced our
control framework and put in place a comprehensive client tax
transparency policy," said Alex Classen, the bank's chief
executive.
HSBC Private Bank (Suisse) SA is a private bank, with
headquarters in Geneva, and is part of the HSBC Group.
--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
December 10, 2019 16:31 ET (21:31 GMT)
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