The HSBC branch in Switzerland violated its anti-money laundering duties in relation to two politically exposed individuals, according to the Swiss banking authority FINMA.

Reported by Reuters, FINMA revealed that it has directed the bank to review all of its existing business dealings with individuals who are politically vulnerable and that it would forbid the bank from doing so in the future.

FINMA claims that suspicious transactions totalling $300m were conducted between 2002 and 2015, and that money was moved from Lebanon to Switzerland and vice versa.

In the meantime, HSBC Bank (China), successfully purchased Citi’s retail wealth management portfolio in China’s mainland this month.

The wealth and personal banking division of HSBC China has merged with the portfolio of investment assets and deposits, as well as related wealth customers, spanning 11 major cities in Beijing. Moreover, HSBC has added more than 300 workers.

Retail wealth, asset management, insurance, private banking, and fintech are among the areas in which HSBC has stakes in wealth management in the nation.

Using the synergies between these capabilities, HSBC China is making considerable progress in meeting the complete wealth management demands of its customers.

In China’s mainland, HSBC increased its wealth clientele by over 30% annually and its invested assets by 53% in 2023.

With this deal, HSBC expands its wealth capabilities in Asia and on the Chinese mainland, marking yet another significant achievement.

Nuno Matos, chief executive officer, wealth, and personal banking, said: “HSBC’s ambition is to be the leading international wealth manager for mass affluent and high-net-worth (“HNW”) individuals in mainland China. This portfolio complements our growing set of wealth businesses in the country, demonstrating our commitment to the Chinese market and to helping our clients diversify their assets and enhance their long-term returns.”