ZURICH/GENEVA, June 4 (Reuters) - HSBC said onThursday it had agreed to pay Geneva authorities 40 millionSwiss francs ($43.02 million) to settle an investigation intoallegations of aggravated money laundering at its Swiss privatebank.
The bank said in a statement that the payment wascompensation to local authorities for past organizationalfailings and that no criminal charges would be filed.
In February, Geneva's public prosecutor searched HSBC'slakeside Swiss office as part of its probe.
($1 = 0.9297 Swiss francs) (Reporting by Joshua Franklin in Zurich and Stephanie Nebehayin Geneva; Editing by Noah Barkin)
HSBC Holdings (HSBA)