HSBC: to pay 192 million dollars to settle US investigation
(CercleFinance.com) - HSBC will pay 192.
3 million dollars to the US authorities to settle an investigation into the business of its Swiss private bank unit with US clients from 2000 to 2010.
The group said it contacted the Justice Department before the US-Swiss Bank Program in 2013 and self-reported its past activities.
After that, HSBC cooperated with US authorities, in compliance with Swiss law, to bring the investigation to a close, it added.
The British banking giant has said that it has strengthened compliance, enhanced control framework and put in place client tax transparency policy over the past decade.
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