HSBC is suddenly closing my account

Kentish_Dave

poppy10 wrote: »

HSBC laundered billions for Mexican drug cartels. They were almost put out of business by the US authorities, they were only allowed a deferred prosecution on the condition that they clean up their business, making sure they gather more information about where they are taking in money and ensuring it is legit. If they are in any doubt they will close the account, they don't want to take any risks of handling dodgy money again.

https://uk.reuters.com/article/us-hsbc-smallmid/exclusive-small-uk-companies-complain-after-hsbc-accounts-frozen-idUKKCN1B41YO

"Anti-money laundering regulations prevent banks from informing customers why their accounts are being closed or suspended where such activity is suspected. In some cases, HSBC may be powerless to tell customers why they are suffering."

This is not correct, HSBC we’re not active participants, they were fined because their anti money laundering procedures were not sufficiently robust.

For some reason the idea has propagated that they themselves were laundering; this was never the case.

That’s why banks are so strict now, not only must you try to spot and stop it, your checks need to be very robust. It’s worth losing literally millions of customers in error now than risking another fine for letting some slip through.

Thrugelmir

Flightrightmike wrote: »

Apparently I got sent a letter about business details updates if you don't respond they shut you down. The details they required are absolutely ridiculous for a small business and only apply to large businesses and companies mainly doing business globally. It's clearly box ticking at its worst.

We've a case in our local court currently. Where an extended family family and their friends laundered some £9 million through some 100 bank accounts. There's serious crime going on if you haven't realised the fact. Much related to the increase in knife attacks.