HSBC fined over Swiss private bank

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HSBC will pay $12.5m to resolve charges that its Swiss private banking unit illegally offered services to U.S. clients without being properly registered, the U.S. Securities and Exchange Commission said on Tuesday.

Reuters reports that HSBC Private Bank agreed to admit wrongdoing to settle the claims, the latest in a series of cases U.S. authorities have brought against Swiss banks that helped Americans keep money in overseas accounts and often avoid paying taxes.

Credit Suisse earlier this year paid $196m to resolve the SEC's claims that it provided cross-border brokerage and investment advisory services to U.S. clients without first registering with the regulator.

To access the complete Reuters article hit the link below:

HSBC admits fault, is fined by U.S. SEC over Swiss bank

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