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Protecting you from fraud and financial crime

In an increasingly connected world, it’s more important than ever to ensure your security – especially when it comes to banking. At Hang Seng, our commitment to helping our customers guard against fraud and financial crime includes launching initiatives to better protect our customers from the related risks.

Information is key to protection

Providing quality financial services while also protecting the interests of our customers relies on up-to-date customer information. From time to time, we may need you to do one or both of the following:

  • confirm or update your existing personal or business details
  • provide some new information and/or details of transactions, which may include you showing us and/or providing us with copies of relevant original documents

We understand that this may sometimes cause some inconvenience, but we will work with you to ensure the process is as simple and straightforward as possible. In the case that we do not receive customers’ responses, our relationship with the customers may be terminated in order to protect you against the potential fraud and financial crime risk. To avoid any interruption of your banking services, your prompt response to our enquiries is crucial and highly appreciated.

 

Data protection and security

The purpose of updating the information of existing customers and collecting information from new customers is to help us protect our customers and our operations against financial crime. We take our obligations to protect customer data very seriously, and all the information you provide will be subject to high data security and confidentiality standards.

Keeping your personal account personal

Personal accounts should only be used for personal banking activities e.g. deposit of salaries, paying daily expenses and managing personal wealth. If we notice business activities, e.g. payments to suppliers and deposit from business partners, in customers’ personal account, the banking services for such accounts may be affected.

If you need to make business related payments, please open a Hang Seng business banking account or use our business banking services. For details, please visit https://bank.hangseng.com/1/2/business.

We appreciate your understanding and cooperation in assisting us – as well as regulators and law enforcement agencies to protect our customers and financial system against unlawful activities.

Frequently Asked Questions

 

What is financial crime?
Fraud and financial crime are forms of theft. They usually involve money or property that has been gained illegally, and/or is being used in a deceptive or illegal manner to gain a benefit. In today's complex international economy, financial crime comes in many forms, such as money laundering, sanctions breaches, fraud, tax evasion, terrorist financing, bribery and corruption.

What are sanctions?
Sanctions are a policy tool which national governments and organisations such as the United Nations and European Union use to constrain and deter perceived threats to their security, or to require international conduct to conform to recognised international standards. Sanctions help stop crimes like terrorism, drug trafficking and arms dealing by imposing restrictions on the business that banks can do with specific people, corporations, countries or territories. The names of these are clearly listed on resources like the Office of Foreign Assets Control (OFAC) sanctions list.

For our commitment with the international rules, please visit the website of HSBC Group regarding Sanctions Policy Statement at http://www.hsbc.com/our-approach/risk-and-responsibility/financial-crime-risk/financial-crime-risk-policies.

Why is financial crime an increasing concern?
Addressing financial crime is a key priority for Hang Seng. Improving the way we manage customer information will help us mitigate the risk of financial crime. We are committed to ensuring that you can bank with us safely and confidently.

Why should customers be concerned about financial crime?
As the world becomes more connected, a growing variety of information can be transferred at near real-time speeds. While this is enabling financial institutions and other businesses to offer customers faster, more efficient services, it is also creating more opportunities for criminals to misuse the financial system. Fraud and financial crime are becoming more sophisticated and well organised. It is our responsibility as a trusted financial institution to remain vigilant and proactive in our efforts to protect our customers.

Why does the Bank suddenly need additional information?
As a responsible bank, ensuring our customer account information is up to date is a key part of making banking more secure for customers. We greatly appreciate your support in helping us protect you and all our customers from the growing risk of fraud and financial crime.

How will the collection of information protect customers?
As more of our customers live, travel and/or do business internationally, we are always looking for ways to help them do these things more safely. By confirming your details and making sure that all information we hold about you is up to date, the risk of your account(s) being misused is reduced.

Don’t you already have customers’ information?
We periodically conduct personal information reviews to ensure that all the information we hold is accurate and up to date, and, in some cases, to collect any information that has not yet been provided or that was not previously required.

What will you do with the customer data that you collect?
The purpose of gathering customer information is to help us protect our customers and our operations against financial crime. We take our obligations to protect customer data very seriously, and all the information you provide will be subject to high data security and confidentiality standards.

What action do customers need to take?
We are reviewing all our customer accounts. We will contact you if we need you to confirm, update or provide new information.

How could I verify the caller’s identity?
Should you receive any suspicious call or SMS purportedly originating from Hang Seng Bank, please request for the caller’s identity and telephone number, and verify these information with us at 2822 0228 (Press 9 after language selection).