HSBC Thursday said it would pay $43 million in compensation to Geneva authorities following compliance failings at its Swiss private banking unit.

In February the Geneva public prosecutor's office raided HSBC's offices as part of a probe into "aggravated money laundering" at the bank's Swiss unit, HSBC Private Bank. On Thursday the bank said in a statement that the probe was now closed and that neither the bank nor any individual was found to have committed a criminal offense.