We have had a corporate account with HSBC in Hong Kong for more than 10 years. In the past 2-3 years there has been an increase in yearly KYC reviews and occasional questioning on certain transactions. Its gotten to the point in the last 6 months where we can no longer send or receive payments without HSBC staff members calling to ask what it was for, what the relationship was, and to provide contracts/invoices/screenshots etc to justify every transaction.
It has become ridiculous to bank with them, perhaps the idea is just to annoy us so we close the account as they no longer want to bank for offshore customers. What have others experienced along these lines?
It seems in this covid age, that international banking has become impossible.
It has become ridiculous to bank with them, perhaps the idea is just to annoy us so we close the account as they no longer want to bank for offshore customers. What have others experienced along these lines?
It seems in this covid age, that international banking has become impossible.
