HSBC to pay €38m in money laundering probe

HSBC has agreed to pay Geneva authorities 40m Swiss francs (€37.96m) to settle a money laundering investigation at its Swiss private bank, one of a number of probes facing its Geneva-based wealth manager.

Leaked files published this year sparked allegations that HSBC’s private bank may have enabled clients to conceal millions of dollars of assets and dragged Europe’s largest lender into the sights of regulators including Geneva’s public prosecutor.

Following four months of inquiries, Geneva authorities said they had closed their investigation after HSBC agreed to pay 40m francs for wrongdoing, the largest such figure imposed by local prosecutors.