According to a recent media report, global banking group HSBC is stepping up its compliance procedures this year to meet more stringent global standards. With immediate effect, the bank’s customers need to disclose additional set of information on the nature and purpose of transactions – including a series of supporting documents as well as source of funding and reasons for operating the accounts. The bank recognised that “this process can be frustrating for customers” but added that collecting the information is “essential to enabling the bank to detect those who are trying to abuse the financial system.”
Adding to the fact that increased information disclosure is part of the bank’s rigorous compliance plan to meet enhanced anti-money-laundering requirements, Diana Cesar, HSBC’s Chief Executive for Hong Kong, said that “Criminals involved in drug trafficking and terrorism use the banking system to transfer about US$800 billion to US$2 trillion every year globally”. She stressed the need to have up-to-date client information to be able to crack down on money-laundering activities.
HSBC also announced that it is teaming up with Hong Kong Applied Science and Technology Research Institute (ASTRI) to invite students and start-ups to develop online solutions which will facilitate the collection of client information in a convenient and secure way.
The bank will invest significant resources in this partnership with ASTRI – launching a programme that aims to engage Hong Kong’s youth to develop technological solutions that makes it easier, simpler and safer for customers to meet banks’ information requirements. This programme will involve tertiary students and start-up companies using a technology platform developed by ASTRI to come up with solutions to specific challenges identified by HSBC. The winners of the contest will have the opportunity to work with ASTRI and receive seed funding from HSBC to commercialise their idea, so that the benefits of these innovations can be delivered to the community.
“HSBC has a history of 150 years and many clients had their accounts opened some decades ago when the information requirements were much lower than today’s standard,” Diana Cesar said. “We wish to establish a culture where customers will automatically update their information with us regularly,” she added.
Related News
ASTRI and Ecosystem Partners Join PT Expo China and MWC Shanghai Showcase the Award-Winning 5G Technologies
[Hong Kong, 2 June 2023] The Hong Kong Applied Science and Technology Research Institute (ASTRI), together with ecosystem partners join two leading events of Communication Technology in June, including the 31st PT Expo China in Beijing from 4 - 6 June, and MWC Shanghai 2023 from 28 - 30 June, jointly showcase their 5G applied technologies and award-winning innovations at the Geneva International Exhibition of Inventions this year, with the theme of “Intelligent 5G, Beyond Connectivity”, also demonstrating the 5G technology enabling real-time robot arm control at PT Expo China for the first time ...
See More
ASTRI and Baidu Apollo Collaborate to Promote the Implementation of C-V2X Technology in Hong Kong
[Hong Kong, May 25, 2023] The Hong Kong Applied Science and Technology Research Institute (ASTRI) and Baidu Apollo today signed a Memorandum of Understanding (MoU) to jointly promote the implementation of autonomous driving and C-V2X technology in more scenarios in Hong Kong, as well as to explore cooperation opportunities in building High-Definition Maps (HD Maps), further enhancing Hong Kong's smart mobility ecosystem ...
See More
LegCo Visits ASTRI Technovation Centre to Jointly Build Hong Kong into an International I&T Centre
[Hong Kong, May 15, 2023] The Hong Kong Applied Science and Technology Research Institute (ASTRI) invited the Hon Andrew Leung, President of the Hong Kong Legislative Council (LegCo), and the LegCo delegation to attend the opening ceremony of ASTRI Technovation Centre (ATC) on May 12, aiming to discuss the potential of Hong Kong's innovation and technology (I&T) sector and promote high-quality economic development with innovations, in order to build Hong Kong into an international smart city and I&T Centre ...
See More
ASTRI and Security Bureau Jointly Promote R&D Applications to Drive Disciplined Services Toward Intelligence
[Hong Kong, 4 May 2023] The Hong Kong Applied Science and Technology Research Institute (ASTRI) invited Mr ...
See More
ASTRI Wins 34 Awards at Geneva Inventions Expo Local Female Engineer Received Special Award For AI Quality Inspection Platform
[Hong Kong, 1 May 2023] The Hong Kong Applied Science and Technology Research Institute (ASTRI) garnered 34 R&D awards at the 48th International Exhibition of Inventions of Geneva (Geneva Inventions Expo), the highest number of awards ASTRI has ever received at this event, consisting of a Special Award for Innovation - King Abdulaziz University, 2 Gold medals with the Congratulations of the Jury, 6 Gold medals, and 25 Silver and Bronze medals, is one of the most awarded organizations among Hong Kong delegations ...
See More