Around the world, banks and their customers are transitioning to a new reality. Regulators expect banks to prevent financial crime such as money laundering, terrorist financing and the evasion of sanctions - and HSBC is committed to meeting the highest standards in its controls against these kinds of activities.
Criminals who try to access the financial system harm lives and communities everywhere through activities such as human trafficking and the trade in illegal drugs as well as fraud and identity theft. We believe these issues matter to everyone and we want to work with our customers to fight against these criminals.
Information is the best defence. Update yours now.
To succeed, we need more information about our customers than in the past: from customers applying to open accounts and from existing customers. Understanding who we bank with, the source of their wealth and the purpose of their relationships with HSBC is vital to our defences against criminals. This is why we have launched HSBC Safeguard.
We will be requesting up-to-date information from our customers to help us protect you and resist the criminals who want to access the financial system. We understand how frustrating these kinds of requests from banks can be. We are sorry for the inconvenience that they may cause, and thank you for playing your part in the fight against financial crime.
We appreciate that it may take time for you to provide up-to-date information. We will continue to enhance our digital channels to make it more convenient for customers to respond to our information requests.
Data protection and security.
The purpose of updating existing customers' information and collecting new customers' information is to ensure that our systems and processes can protect both our customers and the bank against financial crime. We take our obligation to protect your data very seriously, so all the information you provide will be subject to the HSBC Group's high data and security standards. The intent in asking you to confirm or update your existing information and provide new information is to use this information for your protection.
What you need to do next?
You do not need to do anything at the moment. In order to manage the process, we will be contacting customers individually on a phased basis to let you know when you need to update your information.
Watch this film in which Diana Cesar, Hong Kong Chief Executive, explains why HSBC is committed to working with customers to fight financial crime.