HSBC Safeguard

Fraud and other financial crimes usually involve making money that has been obtained illegally to look like it has come 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 initiatives which, together, increase our customers' protection against 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.

Governments and organisations like the United Nations and European Union use sanctions to enforce international standards of conduct and to deter possible security threats. 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, with money launderers and fraudsters targeting global networks like banks.

We can fight back against 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 the world becomes more connected, there are greater opportunities for criminals to take advantage, and there are a number of reasons we may need information from you to help us prevent financial crime.

A key defence against financial crime is stopping accounts being opened under false identities. We also sometimes need to verify where money comes from in order to protect our customers' legitimate funds from financial crime. Criminals try to look like law abiding citizens or businesses, so we ask for documents or other evidence from all of our customers to help protect them and their accounts.

Personal banking customers are likely to be asked for two types of document - one to confirm your identity and, in some cases, one to verify the source of funds for a transaction (this is part of our efforts to protect legitimate funds from financial crime).

Depending on the document requested, these may need to be originals or original certified documents, not copies.

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

More and more HSBC customers travel, trade and live internationally, so we're always looking for better and safer ways to help you do the things that are important to you. Even if you only bank locally, it's still important to protect your account from global threats.

To detect and deter financial crime around the world, we share data and customer information across borders, in line with Australia's privacy requirements and HSBC's security procedures. When you 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.