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By Aruna Viswanatha
WASHINGTON, Nov 25 (Reuters) - HSBC Holdings Plc will pay $12.5 million to resolve charges that its Swiss privatebanking unit illegally offered services to U.S. clients withoutbeing properly registered, the U.S. Securities and ExchangeCommission said on Tuesday.
HSBC Private Bank agreed to admit wrongdoing to settle theclaims, the latest in a series of cases U.S. authorities havebrought against Swiss banks that helped Americans keep money inoverseas accounts and often avoid paying taxes.
Credit Suisse AG earlier this year paid $196million to resolve the SEC's claims that it providedcross-border brokerage and investment advisory services to U.S.clients without first registering with the regulator.
The SEC said HSBC's Swiss unit amassed 368 U.S. accounts,and its employees traveled to the United States at least 40times to solicit clients and provide investment advice withoutbeing registered.
The HSBC unit decided to exit the U.S. cross-border businessin 2010 and transferred or closed most of the accounts by theend of 2011.
HSBC spokesman Rob Sherman said only that the Swiss unit waspleased to have reached the settlement with the SEC.
HSBC's Swiss arm remains under investigation by the U.S.Justice Department, which is examining whether dozens of Swissbanks helped wealthy Americans hide money overseas. (Reporting by Aruna Viswanatha in Washington and JonathanStempel in New York and; Editing by Tom Brown, Richard Chang andLisa Von Ahn)
