HSBC pays over $40 million to settle Swiss money-laundering probe

Swiss prosecutors have closed a money-laundering probe into HSBC after the British banking giant’s Geneva branch agreed to pay a massive fine. The bank says it has now mended its ways.

In a statement released on Thursday, the Geneva prosecutors office said the bank had “rapidly agreed to begin paying an amount aimed at repairing the illegal acts committed in the past” as part of a deal to close an investigation into allegations that HSBC’s Geneva office had helped clients evade millions of dollars in taxes.

The sum agreed on in the deal was named by prosecutors as 40 million Swiss francs (38 million euros, $43 million).
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Source News: DW