HSBC Swiss Private Bank Settles Legacy Investigation With US Department of Justice
December 10 2019 - 3:28PM
Business Wire
HSBC Private Bank (Suisse) SA (‘HSBC Swiss Private Bank’) has
reached a settlement with the U.S. Department of Justice to resolve
an investigation into its legacy business with U.S. clients.
Under the three-year deferred prosecution agreement that relates
to activities from at least 2000 to 2010, HSBC Swiss Private Bank
will pay US$192.35 million to the U.S. authorities. The amount has
been fully provisioned.
HSBC Swiss Private Bank proactively contacted the Justice
Department a number of years before the U.S.-Swiss Bank Program was
announced in 2013 and self-reported its past activities. It has
cooperated extensively with U.S. authorities, in compliance with
Swiss law, to bring this investigation to a close.
“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, CEO of HSBC Private Bank
(Suisse) SA.
“Today the Swiss subsidiary operates under new management and is
focused on a smaller set of markets and clients. Based on this
strong foundation, and as the longstanding U.S. investigation comes
to a close, HSBC’s Swiss subsidiary is fully focused on growing its
business in a sustainable way," Classen said.
Note to editors:
About HSBC Private Banking
As part of the HSBC Group, one of the world’s largest banking
and financial services organisations, HSBC Private Banking seeks to
be the leading private bank for business owners and their families.
It provides clients with wealth, business and family succession
solutions in the largest and fastest growing markets around the
world. HSBC Private Banking is the marketing name for the private
banking business conducted by the principal private banking
subsidiaries of the HSBC Group. For more information, visit
www.hsbcprivatebank.com
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michael.spiess@hsbcpb.com Rob Sherman +1 212-525-6901
robert.a.sherman@us.hsbc.com
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