Partnerships

Fighting financial crime is a complex, long-term challenge that no organisation can solve on its own. Governments, law enforcement agencies and the private sector all have a critical function in preventing and detecting financial crime.

Relevant government agencies gather insight about threats to public safety such as criminal activity, while the financial sector is uniquely positioned to identify customers and activities that may be involved in financial crime.

Sharing these complementary sets of information allows for a more complete picture of risk and vulnerabilities in the system, so that we can focus our collective effort on safeguarding society effectively.

We are committed to working with the wider industry and the public sector in managing financial crime risk. We do so by participating in public-private partnerships, where information is exchanged inside strictly defined legal parameters designed to balance privacy and data security with the need to tackle serious problems including human trafficking, fraud and terrorist financing.

In terms of broader industry initiatives, HSBC is a founding member of the Wolfsberg Group – a well-established association of twelve global banks, which aims to develop frameworks and guidance for the management of financial crime risks, including the steps that banks can take to meet the key elements of an effective programme to make a real impact in the fight against financial crime.

View the 2019 Wolfsberg Group Statement on Effectiveness (opens in new window)