HSBC Safeguard

Fraud and other financial crimes usually involve a criminal or attempted criminal act to conceal or disguise the identity of illegally obtained proceeds, so that they appear to have originated from legitimate sources. In today's complicated world there are many forms of financial crime including fraud, corruption, bribery, money laundering, terrorist financing, sanctions breaches and tax evasion.

HSBC Safeguard is a series of changes which together increase our customers' protection against fraud and financial crime across our global processes and systems. It strengthens our ability to combat money laundering and also the evasion of sanctions, as these are often behind many financial crimes. We will also discontinue travellers' cheques and other products from time to time if we believe they are no longer sufficiently robust to provide to our customers.

Governments and organisations like the United Nations and European Union use sanctions to deter and constrain perceived security threats, or to make international conduct confirm to international standards. Sanctions can help prevent crimes like drug trafficking, terrorism and arms dealing by restricting banks from conducting business with specific companies, people or nations.

Addressing fraud and financial crime risks globally has long been one of our main priorities at HSBC.

However, criminal activity has become increasingly sophisticated in recent years, and money launderers, fraudsters and others have tried to target global networks like banks.

We can fight back against the risk of financial crime by improving the way we manage and share customer information. This is important so you can bank with us securely, safely and confidently.

As information moves faster and faster and the world becomes more connected, there are unfortunately greater opportunities for criminals to take advantage of opportunities. A key defence against financial criminals is to prevent accounts being opened in false identities. Sometimes we also need to verify where money comes from as part of our efforts to protect our customers' legitimate funds from financial crime. Criminals try to look like law abiding citizens or businesses so we need to ask for documents or other evidence from all of our customers so we can protect them and their accounts.

Personal banking customers are likely to be asked for two types of documents - one to confirm your identity and one to confirm your current address. These two documents need to be two separate documents and need to be originals or original certified documents, not simple copies.

Business customers' documentation will vary depending on the size and type of your business. We are likely to need you to confirm your legal entity and beneficial owners as well as the countries where you do business.

More and more HSBC customers travel, trade and even live internationally, so we're always looking for better and safer ways to help you do what you want to do. Our global processes and systems work by sharing data and customer information across borders in line with Australia's privacy requirements and HSBC's security procedures so as to deter and detect financial crime. Even if you only bank in one country, locally, we have a duty to protect your account as financial crime is a global phenomenon.

When you confirm your details and make sure that all the information we hold about you is up-to-date, you protect your account and ensure we only act on genuine requests from you.

It's all part of protecting our customers around the world.