(Reuters) -FINMA, the Swiss financial watchdog, said on Tuesday that the local HSBC branch has breached its obligations in the prevention of money laundering in connection with two politically exposed persons, without naming them.

FINMA said it had ordered the bank to conduct a review of all current business relationships with politically exposed people and that it would stop the bank from entering business relationships with them.

In a written response, the London-headquartered bank declined to comment as it plans to appeal the decision.

According to the watchdog, the suspicious transactions were carried out between 2002 and 2015 with a total value of $300 million. The funds were transferred from Lebanon to Switzerland and vice-versa, it added.

(Reporting by Paolo LaudaniEditing by Madeline Chambers and Miranda Murray)