What is HSBC Safeguard? 

HSBC Safeguard is a series of initiatives designed to keep criminals out of the financial system. It involves strengthening our ability to detect and deter money laundering and evasion of sanctions as these activities harm lives and communities. We request the most up-to-date information from our customers, which could include the source of their wealth and the purpose of their relationships with us. By better understanding these, we will be able to prevent criminal actions that abuse the financial system. 

In addition, we will no longer be offering products such as travellers' cheques, as we believe they are no longer safe enough for our customers to convert money. We may review other products like this over time.

What is financial crime?

Fraud and financial crimes are forms of theft. They tend to involve money or property that are gained illegally, and used in a deceptive or illegal manner to gain benefits from the proceeds. In today's complex economy, financial crimes can take many forms, including money laundering, sanction breaches, fraud, tax evasion, terrorist financing, bribery, and corruption.

What are sanctions?

Sanctions are a policy tool which national governments and organisations such as the United Nations and European Union use to constrain and deter perceived threats to their security, or to require international conduct to conform to recognised international standards. Sanctions help stop crimes like terrorism, drug trafficking and arms dealing by imposing restrictions on the business that banks can do with specific people, corporations, countries or territories. The names of these are clearly listed on resources like the Office of Foreign Assets Control (OFAC) sanctions list.

Why is financial crime an increasing concern?

Fighting financial crime has been a longstanding priority for HSBC. However, criminal activity has become increasingly sophisticated in recent years. Fraudsters, money launderers and others have persistently targeted the global networks of financial institutions. 

Improving the way we share and manage customer information will help us fight against the risk of financial crime. After all, it's our duty to ensure that you can bank with us safely, securely and confidently.

I have banked with you for years. Why do you suddenly need additional information?

We understand your concerns and would like to take this opportunity to thank you for using our banking services. As a responsible bank, keeping customer account information accurate and up to date is key to making banking more secure for customers and fighting financial crime. We thank you for your understanding and support.

I have completed similar types of banking transaction many times before, why are you asking me so many questions now?

We understand your concerns and appreciate that you may have been using HSBC to meet your banking needs for a long period of time. As fraud and financial crime are becoming increasingly sophisticated, we need to adopt measures to better manage financial crime risk. Therefore, from time to time, we do need to update our customer records to ensure they are current and complete.

Don't you have all of the information that you require?

We need to periodically conduct reviews with customers in order to obtain the most relevant and up-to-date information. This is to ensure that all of the information we have is accurate, up to date and covers details that you haven't provided before or weren't previously required. The information you provide will help us protect your account from potential misuse and the community from financial crime. 

What has financial crime got to do with me or my business?

Financial crime and fraud can affect everyone. As the world becomes increasingly connected and information moves around at a greater pace, there are unfortunately greater opportunities for criminals to misuse the financial system.

From time to time, we need to verify the origins of the funds as part of our ongoing efforts to track our customers' legitimate funds. Criminals will try to appear to be law-abiding citizens or businesses, and therefore we need to request relevant documents from our customers in order to understand them and their account transactions.

Security has always been important. Why are you asking me for more information now?

Constant changes in technology and the way companies do business have affected the whole banking industry and, in turn, how we protect it. Fraud and financial crime are becoming even more sophisticated and globally organised - so we have to be more vigilant than ever. We need you to help us stay one step ahead of financial crime by providing us with up-to-date information.

What information will you likely request from me?

If you are a personal customer, we will likely ask for your identity proof to confirm your identity and maybe more relevant documents such as address proof as required.

If you are a business customer, the documents we ask for will depend on the size and nature of your business. However, we will likely need you to confirm your business legal entity structure, list of beneficial owners, and the countries or territories you do business in.

Why do I have to provide all of these information?

We understand your concerns, and we want to let you know that information being requested will be used to ensure we understand our customers. We aim to take the lead when it comes to adopting high standards to safeguard the financial system. Having the right information is a key part of detecting and deterring financial crime.

What will happen if I do not provide the requested information?

You will receive follow-up reminders from us. If you are having trouble gathering the 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. If we cannot obtain a sufficient level of information about your account, it may impact the services that we are able to provide you until we can update your account details. Please let us know if you need more time or if you have any further questions.

Will I need to provide this type of information if I’m a new customer?

We may need to request information from you as a new customer as well, because we need to understand each of the relationships we build. However, we will try to keep the process as simple and straightforward as possible so as to minimise the impact on you. The information we have about you will be kept confidential and that will help us protect your account from potential misuse.

How will the collection of this information protect the financial system?

As more and more of our customers live, travel and trade internationally, we are always looking for better ways to give you greater peace of mind, whatever you do. Our global systems and processes work by sharing data and customer information across borders in order to deter and detect financial crime. Even when you only bank in one country or territory, we are committed to protecting the integrity of the financial system 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 will help us make banking more secure for yourself and other customers.