Internal compliance inertia leads to SEC fines for HSBC
HSBC Private Bank admits wrongdoing and will pay a fine to settle charges that it failed to register with the SEC before providing cross-border services to US private banking clients between 2003 and 2011
HSBC's Switzerland-based private banking arm has been fined $12.5 million by the US Securities and Exchange Commission (SEC) after the regulator found it broke federal securities laws. The bank admitted to wrongdoing by failing to register with the SEC before providing cross-border brokerage and investment advisory services to US clients.
According to a press release and order document released by
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