HSBC’s purpose is to connect people with opportunities. With this purpose comes the responsibility to protect our customers, our communities and the integrity of the financial system.
The size and global reach of HSBC’s network means that there are people who try to use our services for the wrong reasons. But our scale and global footprint also put us in a unique position where we can make a positive contribution and be at the forefront of the fight against these threats.
We aspire to set the industry standard for detecting, deterring and protecting against financial crime.
Our commitment to fighting financial crime
HSBC is committed to implementing the most effective global standards to combat financial crime. We acknowledge we’ve fallen short in the past. But, since 2012, we have been putting in place a comprehensive approach designed to help us build a sustainable financial crime risk management capability.
HSBC has taken significant steps to improve how we detect, deter and protect against financial crime. We are implementing our global standards for anti-money laundering and sanctions everywhere we operate.
This includes implementing new processes globally, upgrading our IT systems to better monitor transactions and carry out checks, and strengthening our Financial Crime Risk function to ensure we have the right subject matter experts in place.
Training our employees to ensure they are equipped to protect our customers is vital, with more than 2.1 million hours of training undertaken in 2015. In some cases, HSBC has also stopped selling certain products and ended relationships with customers where we felt that the financial crime risks were too great to manage effectively.
What this means for our customers
Knowing our customers better is key to protecting them from financial crime. HSBC needs to make sure all the information we have about our customers is accurate, up to date and complete. This will help our systems that detect criminal activity work more effectively.
HSBC Safeguard is a series of initiatives that safeguard customers’ money from financial crime by making sure the information we have about them is correct. Read more about HSBC Safeguard.
Looking to the future
Taking effective measures to detect, deter and protect against financial crime is crucial to achieving our ambition to be the world’s leading international bank.
As international markets become more interconnected and complex, and threats to the global financial system grow, we will continue to adapt our approach to stay one step ahead.
HSBC wants to become a recognised leader in managing financial crime risk, using our scale to make a positive contribution to fighting financial crime in the economies and communities where we live and work.