Swiss banking industry regulators said that HSBC Holdings failed to conduct sufficient checks to prevent money laundering for 'high-risk accounts' held by political public figures in Switzerland. The Swiss Financial Market Supervisory Authority (FINMA) stated on Tuesday that HSBC Private Bank (Switzerland) Ltd failed to conduct sufficient checks on the sources, purposes or backgrounds of the assets involved in two high-risk business relationships. The authority said that suspicious transactions worth over $300 million were carried out between Lebanon and Switzerland between 2002 and 2015.