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HSBC's "Laundromat" - HK Branch Involved...

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  1. #1

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    HSBC's "Laundromat" - HK Branch Involved...

    As usual... if you're a small business owner, you're a suspected money launderer. If you're a mobster, you're welcomed with a red carpet.

    HSBC processed $545.3m in Laundromat cash, mostly routed through its Hong Kong branch. The troubled Royal Bank of Scotland – which is 71% owned by the UK government – handled $113.1m. Coutts – used by the Queen and owned by RBS – accepted $32.8m worth of payments via its office in Zurich, Switzerland.
    https://www.theguardian.com/world/20...-russian-money
    JaredHK, Cwbguy, pin and 1 others like this.

  2. #2

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    This is the bank that won't allow me to transfer more than around HK$100,000 a day abroad as part of their strict money laundering rules, and this after their Mexico drug money debacle. Makes me sick.


  3. #3

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    Quote Originally Posted by Cwbguy:
    This is the bank that won't allow me to transfer more than around HK$100,000 a day abroad as part of their strict money laundering rules, and this after their Mexico drug money debacle. Makes me sick.
    Regardless of valid reason to transfer? How to parents who have children in the UK / US, attending universities transfer fees etc? Or god forbid, buy property or invest...

  4. #4

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    Good to know.

    Was not aware of these restrictions, as our overseas payments are primarily through company accounts to pay vendors. Can easily transfer 15-20K USD in a single transfer @ HSBC.


  5. #5

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    Seriously you cannot send more than HKD$100k overseas with HSBC? You are referring to a simple TT?

    Lucky I am not with HSBC. I always 'build up' my transfers and never send less than $100k. Last week I just transferred HK$1.2m to Australia from the tax loan I got in HK and Standard Chartered would not let me send more than $1m online, so I had to get off my ass and walk to the branch and do it there, then they called me about 4 hours later to check my phone number and DOB and confirm that I am me. But apart from that was no issue transferring $1.2m in one lot.


  6. #6

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    Quote Originally Posted by bdw:
    Seriously you cannot send more than HKD$100k overseas with HSBC? You are referring to a simple TT?

    .
    This was online transfer a year or so ago when I was house bound after spine operation. Needed to get £50g to the UK, took all week.

  7. #7

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    Quote Originally Posted by Cwbguy:
    This was online transfer a year or so ago when I was house bound after spine operation. Needed to get £50g to the UK, took all week.
    Walk into a branch - and the limit is gone.

    Its a stupid online limit that even limits transfers between your own accounts, within Hong Kong.
    This was there way before any new regulations came in and HSBC got into hot water; I think its just an internal arbitrary limit they have decided to set themselves.

  8. #8

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    Ah sorry I missed the part in TB's post where he says you can do higher in a branch. I guess not as bad as I was thinking then, but still with SCB the online limit is $1mil. I only had to walk into a branch because I was doing $1.2mil.


  9. #9

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    You can raise the limit by filling in a form at the
    HSBC branch . The upper limit is 400k HKD to random accounts, 1 million to pre-registered accounts and 100 million HKD to accounts in your name, even if they are at a different bank.

    Stanchart is 1 million max to any account I think. Everything above that has to be done at the branch, which is annoying when trying to buy a house overseas.