French prosecutors have charged HSBC's Swiss division over allegations it facilitated embezzlement by ex-Lebanese central bank governor Riad Salameh. The $300 million probe involves misappropriation of public funds and money laundering. EU prosecutors found serious breaches of anti-money laundering rules tied to over $300 million in transactions between Switzerland and Lebanon.

HSBC terminated relationships with 1,000 wealthy Middle Eastern clients after Swiss regulators began enforcement in 2021. The scandal centers on alleged transfers from Salameh and his brother Raja Salameh to HSBC accounts between 2002 and 2015.