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HSBC to pay 40M Swiss francs in Geneva money-laundering probe

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HSBCsaid on Thursday it had agreed to pay Geneva authorities 40 million Swiss francs ($43.02 million) to settle an investigation into allegations of aggravated money laundering at its Swiss private bank.

The bank said in a statement that the payment was compensation to local authorities for past organizational failings and that no criminal charges would be filed.

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In February, Geneva's public prosecutor searched HSBC's lakeside Swiss office as part of its probe.

In a statement issued Thursday HSBC said that it had "fully cooperated with the investigation throughout and will not face criminal charges."

It went on to say that it "acknowledged that the compliance culture and standards of due diligence in place in the Bank in the past were not as robust as they are today."

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