[QUOTE=freeier;3670200]part of AML... happening quite often in banks that deals with non wired stuffs...[/QUOTE
Sure; if the payment is in cash. But if I can make the payment through EPS or Credit Card, someone else has done the KYC and AML is not Hang Seng's problem.
What stops me from going to Chow Tai Fook and purchasing gold coins there?
don't ask me why, and many guys always complain that why this bank do this and that bank can do that can why not consistent..etc..
the way compliance and AML works, each bank will define what it is that is required within their processes and implement them accordingly.. if their process is safe over the years, good for all, but if some loophole occurs and something blows up, then the bank will have to take the hit and get penalized.. so conservative banks will adopt conservative processes and aggressive ones will be like cowboys...
Alright guys, just to update, thanks to people on this forum I discovered Citibank have the same global view/global transfer function as HSBC, they have a presence in Australia (unlike Standard Chartered) so I thought I will give them a shot instead. If you do their new customer account opening using their mobile app you get up to $10k rebate, so on a Sunday (yesterday) I installed the Citi app on my phone, signed up for a new account, took a photo of my HKID and address proof, had to take a mug shot selfie, had to write my signature on a white piece of paper and take a picture of it, then wait 10 minutes and BOOM!! I have a brand new citibank priority account. F*cking awesome all online on a Sunday without leaving my home or having to go into central as some people were saying is a good idea when dealing with HSBC.
After creating the basic Citi priority account, there is another section in the app to setup the FPS, transer in some money from my Standard Charted account and then if you transfer in more than $1m you get another $2500 rebate, or more than $500k and you get $1200 rebate
After this, use the app again to create an investment securities account and they give you another $500 rebate. Buy $200k of stocks and another $1500 rebate, Then I can start buying stocks with no buy commission for the next few months.
Next I have to figure out how to create a Citi Australia bank account and get the global view thingy working.
Oh also they have 3% HKD fixed deposit as a welcome offer so might do some of this as well.
Really happy I got my wife setup on Citibank on a Sunday and can now start buying shares, I can start selling what I have with Standard Chartered and need to complete before I become Austalian tax resident in a few months. Really f*ck HSBC for kicking me out of their Premier center last week and they are good for nothing as far as I am concerned (except for their HSBC Visa Signature credit card which gives me 5.6% cashback on overseas transactions, I'll keep that )
What I'm quite impressed with is how I've been able to do everything from home without having to speak to anyone at Citibank so far. HKID, address proof, signature, photo, etc all done in the mobile app. Now I need to setup the Aus account I might need to finally make a phone call to figure out how to do it.
I suspect you have a placeholder account. Will need human interaction / verification for it to be fully activated.
Thanks for sharing your perspective!