Hsbc - stricter control and risk of account closure

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  1. #1

    Join Date
    Feb 2015
    Posts
    2

    Hsbc - stricter control and risk of account closure

    Hello
    i have a business account with hsbc Hong Kong for a Hong Kong registered company.
    since few months it looks like I m under investigation or maybe it s just routine check
    i first received by mail oversea a form to fill with a deadline and the threat that the account will be suspended if the form not returned
    did it without problem

    then 1 month later received a call from hsbc asking few questions and send me an email to fill form with more questions and asking as well to provide business proof, this time it was not required to be certified
    then recently got an email asking more questions

    i would like to know if other faces this kind of control and if even some people experienced account closure and in this case how it s handled how can take back the fund, it seems it has to be transferred on other account, is it possible to find a solution or when they decide to close the only solution is to find another bank

    as all business we need a bank account, even maybe it s just a routine check and the outcome will be positive as my business is totally legit just operated from oversea, I m wondering if some of you can recommend an another bank in Hong Kong which is less relctant to deal with hk company but operated from oversea, offshore hk company

    thx


  2. #2

    Join Date
    Jul 2009
    Posts
    1,365

    All banks in Hong Kong need to comply with the anti-money launndering laws and HKMA regulations.

    In practice, the degrees of compliance and specific requirements may vary but my guess is it won't be that different.

    Last edited by ray98; 15-02-2015 at 12:37 AM.

  3. #3

    Join Date
    Apr 2008
    Posts
    2,885

    Hsbc - stricter control and risk of account closure

    I believe (from observation and own experience) that SCB and HSBC have started a clean-up operation ever since they have been caught laundering the drug lord's monies...

    Letters being sent out. Questions about beneficiaries and companies sending money, requests to close accounts voluntarily, etc

    What a world we live in.

    Last edited by 100LL; 15-02-2015 at 12:32 AM.