Why do I need to supply personal information about key controllers and beneficial owners of my business to HSBC?
Today’s world is more complicated than ever.
As business becomes more globally connected criminals gain more opportunities to misuse the financial system.
Criminals can set up fake businesses and mask who is really behind the business and where their money comes from.
They can then pass money from their criminal activity through the financial system without being noticed.
To stay one step ahead, HSBC is asking all customers for more transparency around business ownership and key business controllers.
This means we need to ask more questions about who ultimately owns and controls your business and we may sometimes need to know about their personal wealth, if they have invested it in the business.
We will also need documentation to cover these details.
This information will help us identify companies set up to enable money laundering, corruption and tax evasion.
And the increased transparency also helps you.
By knowing exactly who you’re doing business with, it will help you make better investment decisions.
And increases stability by reducing your exposure to others’ misconducts.
We really appreciate your help with this and we’re sorry if it creates extra work. But it will ensure more secure banking for all our customers around the globe.
HSBC. Delivering on our commitment to safeguard our customers’ finance from fraud and financial crime.