HSBC Thursday said it would pay $43 million in compensation to Geneva authorities following compliance failings at its Swiss private banking unit.

In February the Geneva public prosecutor's office raided HSBC's offices as part of a probe into "aggravated money laundering" at the bank's Swiss unit, HSBC Private Bank. On Thursday the bank said in a statement that the probe was now closed and that neither the bank nor any individual was found to have committed a criminal offense.

HSBC pays $43m in compensation to Geneva authorities

Payment follows compliance failings at company’s Swiss private banking unit

Max Colchester, The Wall Street Journal

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