by Dramelin 5:30 PM 0 comments

More from the South China Morning Post:China`s scandal-hit P2P lending sector seen consolidatingNew York tops Hong Kong as No.
Corporate clients must provide information with supporting documents on the nature of their business, ownership data, the jurisdiction of their operations, source of funding and the purpose of the account, said the bank`s Hong Kong chief executive Diana Cesar.
Effective immediately, retail customers must disclose how their accounts are used, in addition to providing their address, contact details, employment and income history, to qualify for an HSBC account.
1 IPO marketWhy China`s economic jabs at South Korea are self-defeating"It`s going to be a frustrating exercise," Cesar said.
HSBC Holdings is stepping up its compliance procedures this year to meet higher global standards as part of the deferred prosecution agreement with the US Department of Justice following the bank`s US$1.
9 billion penalty in 2012 for breaching American money-laundering rules.