Zurich: The premises of HSBC Holding PLC in Geneva had been searched by Geneva’s public prosecutor on Wednesday and said it had opened a probe into allegations of aggravated money laundering.
In a statement, Geneva’s prosecutor said, “A search is currently underway in the premises of the bank, led by Attorney General Olivier Jornot and the prosecutor Yves Bertossa.”
Biggest bank of Europe HSBC had apologized to customers and investors on Sunday for past practices at its Swiss private bank following allegations that it helped hundreds of clients dodge taxes.
The prosecutor said its investigation was into HSBC Private Bank (Suisse) and could extend to individuals.
Meanwhile the spokesmen for HSBC in Geneva and London had declined to comment.
The bank has said compliance and controls at its Swiss private bank in the period up to 2007 fell short of requirements. But it said the business had been transformed in recent years, adding that many people alleged to have been customers had long since left and that some were never clients.
Bureau Report
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