HSBC closing Muslim acounts
Discussion
unrepentant said:
Sheepshanks said:
unrepentant said:
Do you think those of other denominations are receiving similar missives?
Google "HSBC closed my account".We have 250 Trust accounts with HSBC, last year they went through a process where they requested Passports/Address ID on all Trustees, beneficiaries, & signatories on the accounts, as well as Trust deeds, etc, (all of which they had when the accounts were opened, in some cases just a month or two earlier).
To cut a very long story short, after providing all of the required documentation (again), they shut one third of the accounts (totally random).
Some local Trust companies had thousands of accounts closed, & all HSBC expat accounts in Guernsey/Jersey have also been closed or are closing.
This was over a year ago & no accounts were associated with Muslims/ Politically exposed people or sensitive jurisdictions.
To cut a very long story short, after providing all of the required documentation (again), they shut one third of the accounts (totally random).
Some local Trust companies had thousands of accounts closed, & all HSBC expat accounts in Guernsey/Jersey have also been closed or are closing.
This was over a year ago & no accounts were associated with Muslims/ Politically exposed people or sensitive jurisdictions.
Barclays did something similar not that long ago with expats - Barclays told the brother of a friend of mine that they were closing his account as it wasn't in their risk profile - basically they said they were closing all such accounts with less than x throughput - can't remember what x was, but it was 6 or 7 figures...
Looks like lots of the banks are getting rid of anything that might cause them issues with laundering etc...
Looks like lots of the banks are getting rid of anything that might cause them issues with laundering etc...
unrepentant said:
I have HSBC accounts in the UK and the USA and sometimes transfer reasonably large amounts of money between them. Should I expect a letter?
In 2012 they sold their entire upstate NY branch network and I suspect they will be leaving USA entirely soon (except perhaps the 5th Ave Branch); the regulatory environment for a foreign bank in the US is toxic. For the money retail banking makes its just not worth the risk.darreni said:
To cut a very long story short, after providing all of the required documentation (again), they shut one third of the accounts (totally random).
Some local Trust companies had thousands of accounts closed, & all HSBC expat accounts in Guernsey/Jersey have also been closed or are closing.
Sounds like FATCA... Tenner says all the closed trust accounts had a 'US person' as beneficiaries or signatory authority.Some local Trust companies had thousands of accounts closed, & all HSBC expat accounts in Guernsey/Jersey have also been closed or are closing.
unrepentant said:
0000 said:
unrepentant said:
Wonder how they can do this with the UK's anti discrimination laws?
Probably because it's not due to discrimination.unrepentant said:
0000 said:
unrepentant said:
Wonder how they can do this with the UK's anti discrimination laws?
Probably because it's not due to discrimination.HSBC are closing accounts shown up on their risk assessment (something banks do on a regular basis, I'm currently working on one such system with another of the big banks) - not all of the accounts belong to Muslims or Muslim organisations.
However those non-muslims who have had their accounts closed have chosen not to make political capital out of the affair by claiming some kind of discrimination.
Clear now?
unrepentant said:
Sheepshanks said:
unrepentant said:
Do you think those of other denominations are receiving similar missives?
Google "HSBC closed my account".Sheepshanks said:
unrepentant said:
Do you think those of other denominations are receiving similar missives?
Google "HSBC closed my account".Shame on the media outlets which are playing on the religious angle.
Edited by BlackLabel on Saturday 2nd August 15:17
It all stems from HSBC's US issues where they were caught laundering money for Mexican drug cartels. A $3.2 billion fine ensued. The fine & a promise that HSBC would tighten up on all KYC & identify all parties to accounts was apparently the only reason they were allowed to continue with their US operations.
This has all since filtered down to on/offshore corporate accounts & shortly domestic accounts /mortgages too.
Also if you have Trust or Business accounts, HSBC are looking to introduce an annual account compliance fee (over & above any existing account fees you may already be paying). This will be around £500 per account, per annum.
All the above is as relayed by our local HSBC business manager, so I'd have thought it would be pretty accurate.
This has all since filtered down to on/offshore corporate accounts & shortly domestic accounts /mortgages too.
Also if you have Trust or Business accounts, HSBC are looking to introduce an annual account compliance fee (over & above any existing account fees you may already be paying). This will be around £500 per account, per annum.
All the above is as relayed by our local HSBC business manager, so I'd have thought it would be pretty accurate.
BlackLabel said:
Wow it really is widespread isn't it. I'm quite surprised. There are also many more google results from the aforementioned than there is from say 'Barclays closed my account' or 'rbs closed my account' etc.
Shame on the media outlets which are playing on the religious angle.
Meh. Media's job is to sell newspapers. Adding the word "Muslim" to any topic seems to create more errr " interest " Shame on the media outlets which are playing on the religious angle.
Edited by BlackLabel on Saturday 2nd August 15:17
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