HSBC Safeguard

Fraud and other financial crimes usually involve a criminal or attempted criminal act to conceal or disguise the identity of illegally obtained proceeds, so that they appear to have originated from legitimate sources. In today's complicated world, many forms of financial crime take place including fraud, corruption, bribery, money laundering, terrorist financing, sanctions breaches and tax evasion.

HSBC Safeguard is a series of initiatives, which together increases our customers’ protection against fraud and financial crime across our global systems and processes. It strengthens our ability to combat money laundering and the evasion of sanctions, as these are often the driver behind many financial crimes. In addition, we will no longer offer products such as travellers’ cheques, as we believe they are no longer sufficiently safe to provide to our customers. We may review other products like this over time.

Governments and organisations like the United Nations and European Union use sanctions to deter and constrain perceived security threats, or to make international conduct conform to international standards. Sanctions can help prevent crimes like drug trafficking, terrorism and arms dealing by restricting banks from conducting business with specific companies, people or nations, as clearly mentioned on lists like the Office of Foreign Assets (OFAC) sanctions list.

Addressing fraud and financial crime risks globally has long been one of our main priorities at HSBC.

However criminal activity has become increasingly sophisticated in recent years, and fraudsters, money launderers and others have attempted to target global networks like banks.

We can fight back against the risk of financial crime by improving the way we manage and share customer information. After all, it’s our duty to ensure that you can bank with us safely, securely, and confidently.

As information moves faster and faster and the world becomes more connected, there are unfortunately greater opportunities for criminals to take advantage of opportunities. A key defence against financial criminals is to prevent accounts being opened in false identities. Sometimes we also need to verify where money comes from as part of our efforts to protect our customers' legitimate funds from financial crime. Criminals will try to appear to be law abiding citizens or businesses; we need to ask for documents or other evidence from all of our customers so we can protect them and their accounts.

Retail banking customers are likely to be asked for two types of document: one to confirm your identity and one to confirm your current address. These need to be two separate documents and need to be originals or original certified documents, not simple copies.

Commercial customers' documentation will vary depending on the size and type of your business. However we would likely need you to confirm your legal entity structure and beneficial owners as well as countries you do business with.

As more and more of our customers live, travel and trade internationally, we’re always looking for better and safer ways to help you do what you want to do. Our global systems and processes work by sharing data and customer information across borders in order to deter and detect financial crime. Even if you only bank in one country, locally, we have a duty to protect your account as financial crime is a global operation.

When you confirm your details and make sure that all the information we hold about you is up-to-date, you protect your account and ensure we only act on genuine requests from you.

It's all part of protecting our customers around the world.