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About 10 years ago HSBC got caught helping drug cartels launder money and they got massively fined for it. In the subsequent years they made it really difficult
by dnh44 6y ago
About 10 years ago HSBC got caught helping drug cartels launder money and they got massively fined for it. In the subsequent years they made it really difficult to open an account, but they wouldn't tell people what the hold up was because it's illegal for UK banks to tell customers that they are performing an anti money laundering investigation.
https://www.reuters.com/article/us-hsbc-probe/hsbc-to-pay-1-9-billion-u-s-fine-in-money-laundering-case-idUSBRE8BA05M20121211 https://www.reuters.com/article/us-hsbc-probe/hsbc-to-pay-1-...
- dijit 6y agoThis explains so much about my experience... Couldn't they have asked me for materials though? If they had been up front and said "we need payslips in A4 printed format" I would have provided them..
- dnh44 6y agoI tried to opened a business at that time and they asked what countries we think we might have customers in. I came up with a list off the top of my head and on that list was a potential customer in Mexico (which has the 15th biggest economy in the world so it shouldn't be that unusual). Anyway we never got anywhere with them and 3 months later they told us they couldn't open the account. I too wish they would have been open about it. It only took 3 days to get an account opened with Barclays across the street. Ironically HSBC at the time had adverts plastered at airports all over the world bragging at how good they are for international businesses...
- mcv 6y ago> "About 10 years ago HSBC got caught helping drug cartels launder money and they got massively fined for it." From what I understand, the fine was much less than what they made from that money laundering. People should have gone to prison for it. The fine was only a slap on the wrist.