Political pressure weighs on HSBC over Hong Kong activists
Carrie Lam revealed in late 2020 that she received cash for her salary after being targeted by US sanction. That not only presented a problem for Ms Lam, but also a compliance nightmare for international banks in Hong Kong.
HSBC freezing of a bank account of Ted Hui, former pro-democracy lawmaker, over the new year has shown more fraught for the banks on the compliance problems.
Lawyers say banks are increasingly incentivised to avoid offering services to any Hong Konger who could get them into hot water.
One compliance officer at an international bank in Hong Kong said employees were worried and tried to avoid having their name attached to decisions on individual accounts considered political, even attempting to get closure decisions signed off offshore. “We are all on edge,” the officer said.
Source: FT #Jan05
https://www.ft.com/content/75313efa-e44b-4f73-9cd0-41a045f62749
#HSBC #TedHui #HKActivist #HongKong
Carrie Lam revealed in late 2020 that she received cash for her salary after being targeted by US sanction. That not only presented a problem for Ms Lam, but also a compliance nightmare for international banks in Hong Kong.
HSBC freezing of a bank account of Ted Hui, former pro-democracy lawmaker, over the new year has shown more fraught for the banks on the compliance problems.
Lawyers say banks are increasingly incentivised to avoid offering services to any Hong Konger who could get them into hot water.
One compliance officer at an international bank in Hong Kong said employees were worried and tried to avoid having their name attached to decisions on individual accounts considered political, even attempting to get closure decisions signed off offshore. “We are all on edge,” the officer said.
Source: FT #Jan05
https://www.ft.com/content/75313efa-e44b-4f73-9cd0-41a045f62749
#HSBC #TedHui #HKActivist #HongKong