Prosecutors in Switzerland are investigating HSBC’s Swiss private banking arm over alleged money laundering involving two historical client relationships, as reported by Bloomberg.
The probe is still in its early stages but could have “significant” consequences, HSBC said. Swiss prosecutors disclosed that one of the cases is linked to Riad Salameh, Lebanon’s former central bank governor, who is under investigation in multiple jurisdictions over allegations of embezzling public funds and laundering hundreds of millions of dollars during his three decades in office. Salameh, sanctioned by both the US and UK, denies wrongdoing.
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