HSBC Private Bank

HSBC Private Bank offers private banking and wealth management services worldwide as part of HSBC Holdings. It caters to high net-worth individuals by providing personalized financial solutions and expert investment advice.

CCI Score

-47.92

0.02% April 18

Latest Event

FINMA Ruling: HSBC Violated Money Laundering Regulations

Swiss financial regulator FINMA ruled that HSBC Private Bank (Suisse) SA violated anti-money laundering regulations by failing to adequately investigate high-risk transactions and business relationships involving politically exposed persons.

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QUISLING

HSBC Private Bank is currently rated as a Quisling.

-44 to -59 CCI Score

These companies are fully aligned with authoritarian regimes. They not only support but also enforce oppressive policies, playing a significant role in the regime’s operational apparatus and contributing directly to its consolidation of power.

Latest Events

JUN

18

2024

FINMA Ruling: HSBC Violated Money Laundering Regulations
-64.40

Swiss financial regulator FINMA ruled that HSBC Private Bank (Suisse) SA violated anti-money laundering regulations by failing to adequately investigate high-risk transactions and business relationships involving politically exposed persons.
-70

Business Practices and Ethical Responsibility

March 29

HSBC Private Bank (Suisse) SA was found by FINMA to have breached money laundering regulations by not performing proper due diligence on high-risk business relationships with politically exposed persons. This failure reflects a serious lapse in ethical business practices and regulatory compliance, undermining public trust and potentially facilitating financial activities that can support authoritarian networks.

Swiss Regulator: HSBC Violated Money Laundering Regulations
JUN

18

2024

FINMA Sanctions HSBC Private Bank (Suisse) for AML Failures
-55.20

Swiss regulator FINMA imposed sanctions and corrective measures on HSBC Private Bank (Suisse) after finding serious failures in anti-money laundering compliance, particularly regarding inadequate due diligence on politically exposed persons and high-risk transactions dating from 2002 to 2015.
-60

Business Practices and Ethical Responsibility

March 29

HSBC Private Bank (Suisse) was sanctioned by FINMA for significant anti-money laundering failures, including inadequate due diligence on politically exposed persons and failure in monitoring and reporting high-risk transactions. These ethical lapses in business practices undermine accountability and transparency, reflecting negatively on the bank's operations.

FINMA sanctions HSBC’s Swiss arm for anti-money laundering failures
JUN

18

2024

Violation of Money Laundering Regulations
-55.20

HSBC Private Bank (Suisse) SA failed to conduct adequate checks on high-risk accounts, including those held by politically exposed persons, resulting in suspicious transactions totaling over $300 million between 2002 and 2015, as noted by Swiss regulator Finma.
-60

Business Practices and Ethical Responsibility

March 29

The bank's failure to implement proper anti-money laundering controls represents a significant lapse in business practices and ethical responsibility. By neglecting due diligence on high-risk and politically exposed accounts, the bank not only violated regulatory standards but also potentially facilitated illicit financial flows, undermining accountability and transparency.

HSBC’s Private Bank Violated Money Laundering Rules, Finma Says
OCT

05

2023

HSBC Faces Political Pressure Over Hong Kong Critics
-34.30

A Financial Times report highlights that HSBC Private Bank is under escalating political pressure as Hong Kong police target the commercial and financial interests of activists, with increasing criticism from the UK and US. This scrutiny raises questions about the bank’s role in a context of repressive state measures in Hong Kong.
-40

Public and Political Behavior

March 29

The report indicates that HSBC Private Bank is caught in a politically charged environment where its business activities in Hong Kong are scrutinized amid claims of indirectly supporting repressive measures against activists. This negative assessment under Public and Political Behavior reflects how the bank’s entanglement with authoritarian interests fuels public and political pressure.

Political pressure weighs on HSBC over Hong Kong activists
APR

24

2018

HSBC Grilled Over Complicity in Human Rights Abuses at AGM
-30.50

Activists at HSBC’s annual general meeting questioned the bank about its investments and financial ties with companies that supply weapons and military equipment to Israel, accusing it of complicity in human rights abuses against Palestinians. Protesters demanded that HSBC end its funding of entities involved in such violations.
-50

Public and Political Behavior

March 29

The public scrutiny during the AGM, where activists grilled HSBC on its financial ties to arms suppliers, reflects a significant failure in the bank's public and political behavior. Its inability to counter these critiques suggests complicity in supporting practices that harm marginalized communities.

HSBC grilled over complicity in human rights abuse
-75

Supply Chain Ethics

March 29

HSBC’s investment portfolio includes substantial holdings and loan agreements with companies that manufacture and supply military equipment to Israel. These financial ties indirectly support the use of banned weapons and contribute to systemic human rights abuses, especially against Palestinians.

HSBC grilled over complicity in human rights abuse