London: HSBC may face investigation by US authorities and an inquiry by British lawmakers after admitting failings by its Swiss branch that may have allowed some customers to dodge taxes.
US prosecutors have stepped up efforts investigation into whether the bank's Swiss subsidiary helped US clients evade taxes.
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Authorities are also probing whether HSBC manipulated currency rates, and a US law enforcement official said yesterday the investigations could prompt the Department of Justice to revisit a 2012 deferred prosecution agreement with the bank.
US government officials said the investigation is not merely looking at HSBC's US clients, and could also result in criminal indictments against the bank itself.
British lawmakers said they plan to open an inquiry into the bank after it came under fire for its past practices in Switzerland.
Earlier, details of over 1,00,000 account holders, including over 1,000 from India, have been revealed through a joint investigation by the International Consortium of Investigative Journalists (ICIJ).
