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HSBC's Swiss private banking unit settles with US

SEC extracts US$12.5m penalty from the bank, which like Credit Suisse acknowledged wrongdoing

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HSBC's Swiss unit failed to register with the US Securities and Exchange Commission before providing advice to US clients.

New York

THE United States' crackdown on Swiss bank secrecy gained steam on Tuesday, as HSBC's private banking unit in Switzerland settled an investigation into how it had solicited US clients.

Taking aim at the covert nature of Swiss banking, the Securities and Exchange Commission

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