Fighting financial crime
We manage financial crime risk because it is the right thing to do to protect our customers, shareholders, staff, the communities in which we operate, as well as the integrity of the financial system on which we all rely.
We define financial crime risk as the risk that HSBC’s products and services will be exploited for criminal activity. This includes fraud, bribery and corruption, tax evasion, sanctions and export control violations and evasion, money laundering, terrorist financing and proliferation financing.
Financial crime is a global problem that costs the global economy trillions of US dollars every year – and every day, criminals try to use the financial system to move their illicit funds around the world. HSBC’s scale and global footprint put us in a unique position where we can make a real difference in the fight against financial crime.
We also recognise the inherent exposure of financial institutions to financial crime risk, and we take a risk-based approach to managing our exposure by focusing time, attention and resources on areas of highest risk. We also continue to invest in technology, partnerships and our teams’ expertise.
What this means for our customers
HSBC is committed to only doing business with customers who meet our strict standards. Knowing our customers is key to managing financial crime risk effectively and so we endeavour to maintain accurate, up to date and complete information about them.
Criminal activity such as scams, social engineering, identity theft or card fraud put our customers at risk. We continue to invest in technology and education to protect our customers and our bank against increasingly sophisticated attacks. HSBC Safeguard (opens in new window) is a series of initiatives that protect customers’ money from financial crime by making sure the information we have about them is correct.
Looking to the future
As threats to the global financial system grow, we will continue to adapt our approach. Using an intelligence-led approach to financial crime risk management is helping us make a step change in our effectiveness at fighting financial crime.
HSBC aims to be a recognised leader in managing financial crime risk and remains focused on measures to improve the overall effectiveness of the global financial crime framework.
More on financial crime risk
Partnerships
Fighting financial crime is a complex, long-term challenge that no organisation can solve on its own.
Technology
We are investing heavily to create integrated systems that help keep criminals out of banking.