HSBC Safeguard: how to respond?

[scrambler]

not in HK - not sure if I will come back,,, but never say never eh?

I am still working for some of the same clients - so occasionally find it easier to let them pay to my HK account... ( total this year a paltry HK$ 40,000 so far come this way.. )

I thought I had updated my address - seems I hadnt - I just did online now to my UK address

was prompted by this

"Dear Customer
Important: You need to take immediate action to avoid account restrictions or closure
Banks play a vital role in protecting the integrity of the financial system upon which we all depend and HSBC is committed to meeting the highest standards in its controls against financial crime. We want to work with you to keep criminals out of the financial system. Having accurate and up-to-date information about our customers is critical to our efforts to detect and deter these criminals and we are grateful for your support in providing this information.
We have contacted you earlier requesting an update of your important information(Note 1), but so far we have not received your reply.
Please contact us to perform the information update
Please contact us to provide your information on or before 18 November 2018 through our dedicated hotline (852) 3948 3000 at the following operating hours (except public holidays):
• Monday – Friday: 9 am – 6 pm (GMT +8); and
• Saturday: 9 am – 1 pm (GMT +8)
What will happen?
During the call, we will verify information you maintain with us, including but not limited to the followings:
• Purpose of account
• Source of wealth related information
• Past and ongoing activities on the account
We may also ask you to provide supplementary documents, such as a copy of your identification document and address proof if we require them.
If we do not hear your reply by the date specified above, we may apply some restrictions on your account(s) (to the extent applicable) that we have mentioned in the letter, or close your account(s) with us.
We know this will mean some inconvenience for you and we apologise for this. However, we will do our best to assist you and make the process as simple and straightforward as possible.
If you have other enquiry, please call:"

I also have around 70 grand in GDP just sitting there for the last few years from the sale of my flat... ( mortage was thru HSBC ) should be easy for them to follow?

I do have one active standing order I think - it pays into an "insurance" on the isla of man - a massive 100 quid a month,, that will complete its 25 year period in 3 years,,,, so would be great to just to keep it going

any key phrases to say/ avoid?

thanks for any help!

[Elefant&Castle]

Operation safeguard - I had that exact same email from them.
I guess they just want to see a utility bill in your name - to prove your residential address.
Your situation does not sound suspicious.

I my case that was all they wanted - and it was not a problem for me to provide it.
But imagine you don't have an electric bill in your name.Or you are a digital nomad traveling the world.

That is not acceptable to the simpletons at HSBC - you must settle down so that your tax residency can be easily established.

[scrambler]

yeh - tricky - I guess I will remove most of my cash. then call them? I was hoping to leave some cash in there to cover some fees..

I do have utility bills - and am now a Britosh Tax payer ( again )

[Tcresident011]

Read the revised HKMA AML Guidelines for Banks:

https://www.hkma.gov.hk/media/eng/do...deline/g33.pdf

Source of wealth is primarily needed for high risk customers. You are one of the lucky one ...

[scrambler]

thanks - wow that's a big document! Not sure I can read all that whilst lying on the beach! Iphone batteries arent that great!

is there a synopsis for the err 'busy'

[Elefant&Castle]

I'm not sure why I was singled out for Safeguard. The address I had on file was correct and HSBC had been corresponding with me using it.
Then suddenly out of the blue comes this email with the threat of freezing or closing the account unless they hear from me within a month. When I called the number I was connected to their voice response system - "thank you for contacting HSBC, your call is important to us, our representative will be with you shortly, you are #19 in the queue". I was on hold for about two hours, moving forward in the queue, but progress was slower and slower. Then it dawned on me - I'm moving forward because people ahead of me hang up, there is no one actually picking up at the other end. I used to like HSBC. Not so much any more - sadly there is not a lot of of better alternatives out there.

[nick5000]

I'm not sure why I was singled out for Safeguard. The address I had on file was correct and HSBC had been corresponding with me using it.
Then suddenly out of the blue comes this email with the threat of freezing or closing the account unless they hear from me within a month. When I called the number I was connected to their voice response system - "thank you for contacting HSBC, your call is important to us, our representative will be with you shortly, you are #19 in the queue". I was on hold for about two hours, moving forward in the queue, but progress was slower and slower. Then it dawned on me - I'm moving forward because people ahead of me hang up, there is no one actually picking up at the other end. I used to like HSBC. Not so much any more - sadly there is not a lot of of better alternatives out there.

So they did email you? For the business safeguard review there has been no emails only letter in the mail. And a message in internet banking.

[Elefant&Castle]

So they did email you? For the business safeguard review there has been no emails only letter in the mail. And a message in internet banking.

Yes, email - note the op in this thread also got an email.Normally they seem to have a strong preference for snail mail but I assume it was due to the address being flagged as 'suspicious'.Interesting that they contact you on the ebanking messaging function.I receive very little there - never anything from the RM or the 'backoffice'.Replies from customer service go there - always very detailed and thoughtful answers - but they are just from a call center 'drone' that can not take see the specifics of the account.I wish they would use the messaging function more - because it is secure and I would read it right away.

[shri]

Interesting that they contact you on the ebanking messaging function.

Not a message in our case, but an overlay reminding us that the Safeguard process was not completed.

[henkka]

I had my accounts closed due to this Safeguard nonsense. I am based in Taiwan, and I got my business accounts in the UK.

HSBC UK send me one snail mail letter asking me to be in touch with them concerning safeguard. I never received this letter, henceforth I didn't find out about this safeguard until my accounts were blocked.

Interestingly when my IBAN account numbers were changed, they sent me three snail mails, two emails and called me twice to remind me that the account numbers are changing. But also, there is nothing to worry about as there is a routing from the old accounts to the new one, but it might take 1 day extra for the funds to arrive.

One would think informing me of Safeguard and my accounts might be blocked would be more important than the small change in account number.

Anyway, it took roughly 1 month to get the blocks removed. The customer support was totally useless, and I ended emailing every single person on UK HSBC management team(the names are public, but emails were obviously not, so I just tried [email protected], or reverse order)

The head of HSBC UKs personal secretary got back to me within 12h from me emailing the management team, and a few hours later the issue was solved and the accounts working.

Prior to emailing management I had called the customer support daily for about 20 days with no progress.