@hsbc_uk_help Intrusive Questions by HSBC Bank I am not happy to answer

[jenny.kim]

Intrusive Questions by HSBC Bank I am not happy to answer

I have been a customer for several years and not much deposited or withdrawn in the last few years.

They now ask the source of my money?

If I have other bank accounts here or overseas and details?

where do I work now and my employers details, how much I earn and spend?

Have I got any property on my name? How much it is worth it?

Do I have any other investments and their details?

Do I have to answer all those?

What protection I have?

Do any other banks ask such nuisance questions?

Any other banks do not ask such questions?

Thank you in advance

[AndyOrch]

Hi jenny.kim and welcome to CAG

 

In what capacity are they asking these questions and how by letter or phone call...questionnaire or have you got a complaint ?

 

Or simply out of the blue?

[jenny.kim]

Thank you andyorch.

They say they do this yearly by HSBC Safeguard Team.

by phone

[BankFodder]

Have they communicated to you in writing about this?

 

I think that I would test them a little. I would tell them that you are not happy to deal with this on the telephone and particularly because you have had nothing official from them.

 

Tell them that you want a letter explaining what is wanted and particularly white is wanted and you want it signed by their "safeguard team"

 

Let us know what they say.

[jenny.kim]

They phoned me first and emailed me after that to organize a time for them to ask me questions. I phoned HSBC and checked their legitimacy.

Then gave them a time to phone me. They then asked all those and more questions. And I tried to answer a bit. Then I got sick of so many more questions and stopped. They are going to phone me again for the rest of the questions

[ThedaBara]

They do it in regard to money laundering... TB

[BazzaS]

They do it in regard to money laundering... TB

 

Yup.

 

If the OP doesn't respond they'll claim the OP isn't allowing them to discharge their obligations under the Money Laundering Regulations.

At a minimum expect them to close your account (& I stress ..... That is as a minimum, things could easily be even less pleasant!)

 

On what grounds would you refuse, knowing the obligation they are under? They are bound by professional confidence regarding your financial affairs, and you'd have to show their requests were unreasonable or disproportionate to their statutory AML duties ......

 

By all means ask them to write to you if you have concerns / don't want to deal with this by 'phone.

By all means confirm with a branch that the address they want a written reply to does in fact belong to the bank (& its AML / safeguarding team)

Once those objections are cleared : help them comply with their obligations, or come up with good reasons not to, or you can expect them to take action to protect their position.

[king12345]

Why don't you just change bank?

If you've not moved tens of thousand every week, it seems a bit intrusive to ask about your other bank accounts, assets overseas and employment details.

How could you be possibly laundering money if you said that "not much deposited or withdrawn in the last few years"?

[BazzaS]

Why don't you just change bank?

If you've not moved tens of thousand every week, it seems a bit intrusive to ask about your other bank accounts, assets overseas and employment details.

How could you be possibly laundering money if you said that "not much deposited or withdrawn in the last few years"?

 

If they are already asking about other accounts : opening a new account with a new bank just increases your "risk profile"!

 

If your account is flagged for AML checks and you move banks, the info will be passed (as a 'flag') to the new bank.

 

If you last opened an account some time ago, when things were more 'relaxed' : expect more "due diligence" / questioning now

[& don't tell them you are an ambassador / finance minister or head of state ..... ]

[Old Cogger]

money laundering =

 

 

HSBC/RBS./LLOYDS//BARCLAYS ask questions of the little earners, they are the cuklptits sick oof these banks,,, new system from government soon???

[ThedaBara]

money laundering =

 

 

 

HSBC/RBS./LLOYDS//BARCLAYS ask questions of the little earners, they are the cuklptits sick oof these banks,,, new system from government soon???

 

 

Exactly. They have caused a lot of hardship to a lot of people through their questionable practices… The Govt. is hand in glove with these people, too. Just dreadful. TB

[citizenB]

Of course the cynic in me believes that it might also be so that they have some idea of what products to try and flog you !!

[jenny.kim]

Yup.

At a minimum expect them to close your account (& I stress ..... That is as a minimum, things could easily be even less pleasant!)

 

On what grounds would you refuse, knowing the obligation they are under?

 

I wonder what they can do other than giving me a notice to close my account?

I also wonder On what grounds I would refuse?

Looks like they are the boss and I don't have much say "managing my money"

[jenny.kim]

If they are already asking about other accounts : opening a new account with a new bank just increases your "risk profile"!

 

 

How so "increase my risk profile" ?

I am not obliged to have them the only bank I may have account with. right?

[jenny.kim]

Why don't you just change bank?

If you've not moved tens of thousand every week, it seems a bit intrusive to ask about your other bank accounts, assets overseas and employment details.

How could you be possibly laundering money if you said that "not much deposited or withdrawn in the last few years"?

Exactly, 3-4 times few hundreds withdrawal or deposit surely not money laundering

 

Please do suggest a better bank

[jenny.kim]

Exactly, 3-4 times few hundreds withdrawal or deposit surely not money laundering

 

Please do suggest a better bank

and or strategy to deal with

[BazzaS]

I wonder what they can do other than giving me a notice to close my account?

I also wonder On what grounds I would refuse?

Looks like they are the boss and I don't have much say "managing my money"

 

What can they do?

They can freeze your access to the account while it is further investigated for money laundering.

They can make a report to their designated individual who might decide a referral to the NCA under the AML regulations is required.

 

I'm asking you on what grounds you would refuse!

I think you need to decide on what grounds you would refuse, based on what is reasonable for both:

1) your circumstances, and

2) their obligations.

So, you might reach a view as to the point where you can say "I've replied in enough detail for the

type of account,

the sums involved,

the type, nature and frequency / regularity of transactions,

To allow you to discharge your AML obligations.

Please justify, in detail, why you feel you need more from me."

 

Stop looking at this just from "its my money and the bank shouldn't ask me" but consider instead "its my money, but the bank has obligations. How can I allow them to meet their obligations while not being subject to unreasonable enquiries" : I doubt they are doing this for fun!

[BazzaS]

How so "increase my risk profile" ?

I am not obliged to have them the only bank I may have account with. right?

 

Absolutely right!

Even more correct when looked at while "wearing blinkers" of ignoring why they might be asking : the (anti-) Money Laundering Regulations.

 

Let's stop talking about you.

Let's consider "Person A" instead.

 

Person A, for whatever reason, had their bank account flagged for an initial AML review.

One of the "features suggesting higher risk of money laundering" is multiple accounts, with different banks.

It isn't uncommon to have this, nor illegal : I have accounts with 2 different high street banks (so I'm not stymied if one suffers a major system crash), while my business turns out to be with a third, just for administrative reasons. Nothing suspicious there.

So, there is a "cumulative picture" of risk, with number of accounts being just one factor.

 

But, what if Person A has an account, has an AML review, and says "won't answer, not giving any reasons why I'm not answering" (rather than saying "I've now answered all reasonable questions") AND Person A opens another account elsewhere.

AML initial reviews look for warning signs to identify accounts requiring a more depth investigation : what has opening a new account elsewhere at the same time Person A has declined to answer an AML screening enquiry just done to their "risk profile" : increased it.

 

Because you have noted the account activity is infrequent / the sums involved small, it is worth considering :

Have you taken in money on behalf of third parties? Especially if from, or to, outside the UK??

Acted as an agent for others who have paid you a commission for handling monies, especially if "working from home" for an employer you haven't met?

[jenny.kim]

Thank you all. You have been great

I have also talked to a senior officer of another bank and arranged to move my money to them

all the best

hsbc could go and jump as this was the last straw on the top of the lack of customer service in the last year

Edited February 6, 2016 by jenny.kim

[ThedaBara]

Thank you all. You have been great

I have also talked to a senior officer of another bank and arranged to move my money to them

all the best

hsbc could go and jump as this was the last straw on the top of the lack of customer service in the last year

 

They are not my favourite bank… (huge understatement).

 

I was with them from way back when they were Midland… that's an awfully long time and they made plenty of money from me, especially when interest rates were sky high in the 1980s, but as soon as I tried to claim back PPI, they suddenly found they had no details about me on record. Not even the two mortgages! How very convenient.

 

At least I managed to get £4k of unfair bank charges returned to me before they deleted all my accounts.

 

Good luck! TB

Edited February 6, 2016 by honeybee13
Pejorative remark removed.

[ThedaBara]

Oh… hang on… have a look at this!

 

HSBC told to reveal dossier of secret

 

Hubert Dean Moore Jr, a 52-year-old chemist from a suburb of Philadelphia, had demanded to see the money-laundering report after HSBC sold his mortgage debt to another bank without telling him.

 

Read the full story:

 

http://www.dailymail.co.uk/money/news/article-3432276/HSBC-told-reveal-dossier-secrets-judge-rules-favour-angry-customer-demanded-bank-s-internal-report-money-laundering.html

 

8 February 2016

[hightail]

Of course the cynic in me believes that it might also be so that they have some idea of what products to try and flog you !!

That's exactly what they're doing. Some banks will call it an account review and claim they're doing it 'to ensure they are giving the best service possible', others will try and frighten customers with AML. In 99.99% of cases it's simply an exercise in mining for information to target sales marketing. Mine tried it once with the idiot on the end of the phone telling me I had to 'reveal' my income source. All he had to do was look at the most regular deposit into that account - it's a military pension.

[honeybee13]

I agree with hightail.

 

A few years ago, my bank wanted me to go in to see a manager about my finances. I said I was in the financial sector myself and knew what to do if I had any spare money. The secretary said that if I didn't go to the branch, they would withdraw my overdraft facility.

 

I told her they could keep their overdraft facility, I didn't want it and a minute later, she said it would be renewed and I didn't need to go in and see someone.

 

HB

[climacu]

We have also found the HSBC Safeguard questions, received by letter and phone deeply intrusive. Many of the questions are clearly unnecessary to safeguarding either us or HSBC from financial crime, they are far more to do with profiling us for services that they would like to sell us and others. Other than proof of identity and address, none of the answer are verified so they are purely for marketing and profiling. We strongly object to HSBC's aggressive profiling questions that are being asked under the guise of complying with financial regulation.

 

We have asked them by politely by email and phone to specify why they need all this information and have not received any satisfactory reply. Now we have a final letter threatening to close our account within weeks. As we have moved from England to Dublin it is very difficult to change UK accounts and in any case the account averages about 2 transactions a month. After over 25 years with this bank we are deeply dismayed by HSBC's behaviour so we intend to close our account despite the difficulty this will cause to our banking.

[king12345]

We have also found the HSBC Safeguard questions, received by letter and phone deeply intrusive. Many of the questions are clearly unnecessary to safeguarding either us or HSBC from financial crime, they are far more to do with profiling us for services that they would like to sell us and others. Other than proof of identity and address, none of the answer are verified so they are purely for marketing and profiling. We strongly object to HSBC's aggressive profiling questions that are being asked under the guise of complying with financial regulation.

 

We have asked them by politely by email and phone to specify why they need all this information and have not received any satisfactory reply. Now we have a final letter threatening to close our account within weeks. As we have moved from England to Dublin it is very difficult to change UK accounts and in any case the account averages about 2 transactions a month. After over 25 years with this bank we are deeply dismayed by HSBC's behaviour so we intend to close our account despite the difficulty this will cause to our banking.

 

Don't fall for their bluff.

Call them and ask when the account will be closed so you can transfer your money to another bank.

Be confident and very calm.

I bet they will start giving you extras to keep you as customer