HSBC admits wrongdoing and is fined $12.5m to resolve charges that its Swiss bank unit serviced US clients without being SEC registered.

According to Reuters the SEC said ‘HSBC’s Swiss unit amassed 368 U.S. accounts, and its employees traveled to the United States at least 40 times to solicit clients and provide investment advice without being registered’.

As the New York Times reminds us, this case only close one part of a broader investigation and only relates to the SEC registration. The US Department of Justice (DoJ) is investigating the Swiss unit.