Back in style!
So HSBC is going to pay another 40 million francs for money laundering, on top of that $1.9 billion it coughed up a few years ago. And, sure, the policy of NOT money laundering is taking a little more time to implement than one might like, and it’s a mortal lock that the bank will do something seriously wrong again sometime soon. But things are getting better: This time, no threat of criminal prosecution!
The Geneva prosecutor’s office said that it would not pursue charges against the Swiss unit and that HSBC would pay 40 million Swiss francs, or about $42.8 million, to settle the inquiry.
“The investigation found that neither the bank nor its employees are suspected of any current criminal offenses,” HSBC said in a statement.
Swiss Prosecutors End HSBC Inquiry Without Filing Charges [DealBook]
HSBC to pay $43 million Geneva money laundering settlement [Reuters]
Geneva prosecutor says HSBC settlement does not affect employees [Reuters]