What is Financial Crime transcript
[00:00:01 – 00:00:04] What is financial crime? And why does it concern me?
[00:00:05 – 00:00:14] As the world becomes more connected and information moves around at a greater pace, so the opportunities for criminals to misuse the financial system also rise.
[00:00:15 – 00:00:38] Many people have heard about fraud, information security, data security, and cyber-crime. But in today’s complex economy, criminal activity can take many other forms including sanctions breaches, insider trading, terrorist financing, bribery, corruption and money laundering. These are all forms of financial crime.
[00:00:38 – 00:00:54] For the most part, financial crime involves criminals obtaining money, services or property illegally or by deception and benefitting from the proceeds. In fact, it now accounts for 3.6% of global GDP – making crime one of the largest economies in the world.
[00:00:54 – 00:01:09] At HSBC, protecting our customers’ finances is nothing new. But changes in technology and the way companies do business have affected the banking industry as a whole. So now, more than ever we need to ensure we’re protecting all our customers – wherever they are in the world.
[00:01:09 – 00:01:18] At HSBC, we are protecting our customers and the global banking system with tighter controls and by improving the way we manage customer information.
[00:01:18 – 00:01:26] Criminals have become more adept at masquerading as ordinary customers or businesses. They profit at the expense of your security and protection.
[00:01:26 – 00:01:38] To prevent this, we need to request documentary evidence from some of our customers – even those who’ve banked with us for years – in order to fully protect them and their accounts.
[00:01:38 – 00:01:58] Ensuring that the details we have about you or your business are correct and up-to-date helps us take a number of preventative measures, including preventing accounts from being opened or used under false identities and make sure that we only ever act on genuine requests from you. So you can be confident that you can bank with us safely and securely.
[00:01:59 – 00:02:05] Delivering on our commitment to safeguard our customers and their finances from fraud and financial crime.