Financial crime risk
HSBC’s purpose is to connect people with opportunities. But today’s connected world creates new challenges. We are committed to helping protect the financial system on which millions of people depend.
Every day around the world, acts of financial crime like identity theft or card fraud put our customers at risk. These seemingly unconnected acts are often part of a significantly larger issue. Left unchecked, sophisticated criminals use the financial system to bank the profits of systematic illegal activity.
Whether it is money laundering, human trafficking or the drug trade, financial crime is a global problem that costs the global economy as much as USD2.1 trillion a year. The human cost is incalculable.
We have a fundamental responsibility to help protect the integrity of the financial system. HSBC’s scale and global footprint put us in a unique position where we can make a positive contribution and be at the forefront of the fight against financial crime.
We acknowledge that we have fallen short in the past. But, over the past few years, we have made significant progress in our journey to upgrade our ability to fight financial crime.
HSBC is committed to only doing business with customers who meet our strict standards. We have ended relationships with customers where we felt that the financial crime risks were too great to manage effectively, and continue to invest in expertise, partnerships and systems.
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 us detect criminal activity 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 (opens in new window).
Looking to the future
As threats to the global financial system grow, we will continue to adapt our approach to stay one step ahead. Over the coming years, we aim to make a step change in our effectiveness at fighting financial crime through intelligence-led financial crime risk management.
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.
We have made progress over recent years in upgrading our ability to fight financial crime.
We are building a dedicated team of specialists in tackling financial crime.
HSBC works in close partnership with law enforcement agencies to protect customers.
We are upgrading our systems to spot and analyse suspicious activity more effectively.
Technology targets financial crime
A new system will make HSBC even more effective at managing the risk of crime, says Jennifer Shasky Calvery.
Staying ahead of the financial crime threat
As the threat from financial crime evolves, it is vital for banks to stay one step ahead, says Ralph Nash.
Next steps in the fight against financial crime
HSBC is harnessing artificial intelligence and advanced analytics to spot suspicious behaviour.