Safeguard

I have received a request from the Bank to update my details. What should I do?

You should visit any of our branches and provide/confirm required information. In case of any questions please contact our Call Centre on +374 60 655 000.

Why do you need information about my income / Source of wealth?

We sometimes need to verify where funds are from as part of our ongoing efforts to protect our customers from fraud and financial crime. A request for this information is not unusual and is not anything for you to worry about. By having this information we’ll be able to better protect your account by ensuring that the banking system is protected from fraud and financial crime.

What is the deadline for providing this information?

Deadlines for provision of information will be mentioned in the requests sent / communicated to you.

What will happen if I don’t provide this information?

We will send you reminders and give you sufficient time to provide the information. If you are having trouble gathering the information please do let us know as soon as possible so that we can help wherever possible. It may, for example, be possible for us to rely on alternative documents in your possession. If however, you are not able to provide documents we request, regretfully, we may have to review the banking relationship with you, including rejecting transaction requests, refusing to provide new services and/or termination of existing banking products/services.

Will my account be closed if I don’t get you the information on time?

We will send you reminders to send us the required information in a timely manner before any action is taken. If however, you are not able to provide documents we request, regretfully, we may have to review the banking relationship with you, including rejecting transaction requests, refusing to provide new services and/or termination of existing banking products/services.

Don’t you already have all of this information?

Yes, we’re likely to hold much of the information we need about you already. But we need to ensure that it is accurate, up-to-date and covers any details that you haven’t provided before or weren’t previously required.

What happens if I don’t agree to the new T&Cs?

Regrettably we would be unable to continue servicing your banking needs if you do not agree to our T&C’s . Our global systems work by sharing data and customer information across borders in order to deter and detect financial crime. Even if as a customer you only bank in one country, financial crime is often very sophisticated and criminals often operate across geographic borders. As you can appreciate, the Terms and Conditions therefore become something that we cannot negotiate.

Why are you asking me so many questions today? I have completed this type of transaction many times before.

We appreciate that you use HSBC for your routine banking needs. From time to time, we do need to update our customer records to ensure they are fully current and complete. Having stronger checks will help prevent fraud and other financial crimes. This process should not take very long and should avoid asking you the same questions again next time.

Why do your competitor banks not ask for all this information?

We cannot comment on the practices of other banks. At HSBC, we take the protection of our customers from fraud and financial crime very seriously. We want to ensure that we can service your account as effectively as possible, in a safe way that also provides our customers with the best possible protection.

I am a customer of HSBC in more than one country. Will I still have to provide the same information to you in more than one country?

Laws and regulations vary from country to country, which is why you may have be contacted more than once for the same information. We apologise for any inconvenience but it is important that you respond to each of the requests that you have received. We have tried to minimise any confusion and keep the information as consistent as we can within the constraints of local regulations.

What will you be doing with my data? How will it be stored and protected?

We will use this information to protect you, our customers and ourselves against financial crime. We take our obligation to protect your data very seriously. So all the information you provide will be subject to HSBC Group’s data and security standards to ensure its protection. Finally, we would like to reassure you that your information will only be used for your protection and will not be passed to any third parties for marketing purposes.

Why do you suddenly need all this additional information? – I /we have banked with you for years.

Banking is changing in today’s world, and it’s our ongoing commitment to protect you, and all our customers, from fraud and financial crime. For example, we need to make sure that the transactions we carry out for you are only based on genuine requests from you. This means we need up to date information, even from our most loyal customers, to help our systems detect criminals and fraudsters. We really appreciate your help with this. Ensuring that your account information is up to date will mean you’re playing your part in making banking more secure for everyone.

What documents can be provided to confirm my personal details?

List of documents requested from you are mentioned in the request sent / communicated to you. If you have questions on any of the information provided, please contact our Call Center on +374 60 655 000.

Do I have to come into a branch or can I send documents by post or email?

Normally, original documents or certified true copies must be seen by HSBC. You can do this at any of our branches at a time that suits you. There may be cases when we will be in a position to accept electronic versions of some documents – please contact us so that we can understand your individual circumstances and do our best to find a solution.

I haven't been contacted or received an email, will I?

You will receive a letter only if we need you to get in touch. In the meantime, if you'd like to discuss HSBC Safeguard with our team you can contact our Call Centre on +374 60 655 000. If you are an HSBC STATUS customer, please call +374 60 655 151.

Why do I have to provide all these documents?

There have been a number of regulatory changes recently affecting HSBC and our customers globally. As a result, we need to be sure that we know and understand who our customers are and can service our customer’s financial needs accordingly.

Why do you need to see my passport / ID card?

Standard banking practice requires a government issued photo identification. When we do not have an updated copy of your passport/ID card, we need to ask customers to provide us with an original document. We are not able to accept copies (non original), online/ internet statements as these can be manipulated.

I have a business account as well as personal account with HSBC and have not been contacted about that account, why not?

Laws and regulations may vary from business entity to business entity, which is why you may have been contacted for one account and not the other. If you give HSBC the information once, to the extent permitted by law, we will share it with the other areas of HSBC you have relationships with, with a view to reducing the number of times we need to contact you for the same information.