Protecting you from fraud and financial crime
In today’s increasingly connected world, it’s more important than ever to ensure your security – especially when it comes to banking. That’s why we’re introducing HSBC Safeguard: a series of initiatives to increase the protection we provide our customers against fraud and financial crime across our global systems and processes. It involves strengthening our ability to combat money laundering and the evasion of sanctions, as these are often the driver behind many financial crimes.
Information is key to protection
As part of our HSBC Safeguard initiative, we may contact you to confirm that the details we have about you are accurate and up to date, since our systems and processes rely on us having the most up-to-date information about all of our customers. Please take your time to watch the video below to find out more on "What sort of information does HSBC need and why do we need it"?
What you need to do next
You are required to take action only if we have requested that you submit some information. Then, you would kindly be required to submit the requested documents to your nearest branch or Customer Service Unit.
What is financial crime?
Fraud and financial crimes are often forms of theft. They tend to involve money or property that are gained illegally, and used in a deceptive or illegal manner to gain a benefit from the proceeds. In today’s complex economy, financial crimes can take many forms including money laundering, sanctions breaches, fraud, tax evasion, terrorist financing, bribery and corruption.
Why is Financial Crime suddenly of concern to the Bank?
At HSBC, addressing financial crime globally has long been one of our main priorities.
However criminal activity has become increasingly sophisticated in recent years, and fraudsters, money launderers and others have attempted to target global networks like banks.
Improving the way we share and manage customer information will help us fight against the risk of financial crime. After all, we are committed to ensuring that you can bank with us safely, securely, and confidently.
What has financial crime got to do with you or your business?
As the world becomes more and more connected and information moves around at a greater pace, there are unfortunately greater opportunities for criminals to misuse the financial system. A key defense against money laundering is to prevent accounts being opened in false identities. We also sometimes need to verify where funds are from as part of our ongoing efforts to track our customers’ legitimate funds and to protect them from financial crime. Criminals will try to appear to be law abiding citizens or businesses and therefore we need to request documentary evidence from all of our customers in order to fully protect them and their accounts.
How will this information protect you or your business?
As more and more of our customers live, travel and trade internationally, we’re always looking for better ways to help you do the things you want to do safely. Part of this is to protect our customers around the globe. Our global systems and processes work by sharing data and customer information across borders in order to deter and detect financial crime. Even if as a customer you only bank in one country, locally, we are committed to protecting your account as financial crime is a global operation.
By confirming your details and making sure that all the information we hold about you is up-to-date, you can be certain that no one else is able to misuse your account and that in turn we only act on genuine requests from you.
What will happen if I don't provide this information?
Incase you have been requested to provide some documentation and you are having trouble gathering this information please do let us know as soon as possible so that we can help wherever possible.
It may, for example, be possible for us to rely on alternative documents in your possession. We are required to have this information by our regulators, so please let us know if you need more time or if you have any further questions.
Do I have to come into a branch or can I send documents by post or email?
Unfortunately it is not possible to accept scanned documents within an email.
Original documents or certified true copies must be seen by HSBC. You can do this at any of our branches or Customer Service Units at a time that suits you.