HSBC: Request for business info

[Buffalo]

Just received a demand from HSBC for information regarding my business and its banking services - under the guise of fraud detection. I've had a look at the safeguarding information on the webpage and I'll call them on Monday - just curious to see if its a general thing, or whether we've suddenly peaked someone's interest. The letter is dated the same as an incoming payment from the Middle East...

If you've had to do similar - is there anything about the process you'd be willing to detail?

Thanks,

[davepoth]

Is HSBC your bank?

[Marcellus]

I recently went through these hoops with HSBC but it was all done by post not email.

If it's this you're going through it's a department in Canary Wharf who appear to bevanswerable to no one and if not 100% happy with all your answers then have the authority to close your accounts!

[Henners]

Have dealt with them for a charity account.

if you ignore it or don't give whats asked for they'll close your account.

They got loads of (justifiable) flak for the money laundering stuff, and are now getting flak for zero tolerance on IDing customers!

[mickytruelove]

i think this may be common now, I received a letter from RBS asking for share holders to produce ID at a local branch for fraud reasons.

[muppetdave]

Had this for 'Foreign Account Tax Compliance Act' (FACTA). Been in to the branch as none of the options make particular sense (I have zero links with the US in business or personal life), and they were of no help whatsoever!

[essayer]

Received my letter about this a few weeks ago, have a 45 minute (!) call booked for Friday..

[Marcellus]

I made the mistake of suggesting that as they knew what value gone through all my accounts and the number of transactions then they could work out the average transaction value themselves...................... my advice to everyone else is DON'T, it caused me a whole lot more pain!

Also when they ask if you have any overseas subsidiaries and you say "No", and they subsequently ask the value and number of transactions that you will pay to these non existent overseas subsidiaries "n/a" is not the correct answer apparently "zero" is!

[muppetdave]

essayer said:

Received my letter about this a few weeks ago, have a 45 minute (!) call booked for Friday..

For FATCA? If it is I'll be intrigued to hear what they say, both in branch and on the phone they won't say anything to me other than look on the website which is of no use at all....

[essayer]

All they say is it's for security - I won't be pleased if they are trying to sell me stuff. We do have a USD account which our US customers pay into, so perhaps it's related to that

e: we do a substantial amount through the account which is shifted out again via a currency broker so I can understand why they'd want to check into things regarding FATCA. We are definitely an 'Active NFFE' so no issues there.

Edited by essayer on Tuesday 4th April 10:27

[Buffalo]

Well, I called them yesterday. No further info from them, except they do want to talk to me at their next available opportunity. Call booked mid May!