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RTNominal down47.400 -0.450 (-0.940%)

21/03/2016 18:01

"HSBC Safeguard" to fight against fraud and financial crime

[ET Net News Agency, 21 March 2016] HSBC said (00005) it will introduce HSBC Safeguard
in Hong Kong, a series of initiatives intended to enhance protection for its customers
against fraud and financial crime.
These initiatives will strengthen the bank's ability to combat criminal activity such as
fraud, money laundering and evading sanctions. To make this possible, HSBC will be
approaching its customers to request up-to-date information.
"The introduction of HSBC Safeguard will help us have an accurate picture of who our
customers are and what kind of banking activity is consistent with their needs,
strengthening our ability to spot unusual activity and protect our customers' interests,"
said Diana Cesar, Chief Executive, HSBC, Hong Kong.
Personal banking customers will be asked to provide original documents to confirm their
identity and current addresses. The documents required from commercial banking customers
will depend on the size and nature of business. These documents will be required to
confirm legal entity structures, lists of beneficial owners and countries that customers
do business in. Customers may also be asked to provide additional information on purpose
of transactions to and from their accounts. (KL)

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