HSBC’s Geneva Branch Takes Plea Bargain with US Courthouse

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HSBC Private Bank (Suisse) have agreed to pay the US prosecutors a plea bargain of USD $193 million to avoid being prosecuted for helping US clients conceal assets in Swiss bank accounts.

It is one of the last non-prosecution agreements to be made under the Department of Justice’s Swiss Bank Programme, which launched in the US in 2014.

The agreement provides no protection for any individuals, and HSBC will now have to give the US authorities full information about accounts closed between 2009-2017.