Home Finance HSBC Closes Account Linked to Hong Kong’s Violent Protests, Cites Regulations

HSBC Closes Account Linked to Hong Kong’s Violent Protests, Cites Regulations

Amid the violent anti-government protests that are taking place in Hong Kong, HSBC Holdings highlighted some routine regulatory needs to make sure that client money has been used for the mentioned purposes. Earlier, there was a report on Monday that claimed that the bank is closing a corporate account that assisted in funding the large scale protests activities in Hong Kong.

Last week, the city witnessed one of the most violent protests in over 5 months of demonstrations. And, members of the Chinese military were seen cleaning up the city’s streets.

According to the Hong Kong Economic Journal, HSBC Holding immediately resorted to action after discovering the account was apparently used without conforming to its original paperwork. The bank also provided this information to the client that it would shut the account following a 30-day notice that comes to an end this week. However, the bank did not elaborate on the identity of the account holder.

Hong Kong has been gripped by a wave of violent protests. There have been more than four months of political unrest, traffic violations and surging levels of violence in Hong Kong. And, now universities all over Hong Kong have become the latest battleground. Protestors’ clash with riot police has paralyzed the city’s economy.

The polarizing protests caused troubles for many renowned companies that may include Apple and Activision Blizzard, among others. The companies are under immense political pressure to severe all perceived links with the city’s pro-democracy protests, which causes them to face public backlash later on.

Meanwhile, 612 Humanitarian Relief Fund claimed on Monday on its Facebook page that its HSBC account is functioning normally. The organization assists protestors in paying medical expenditures and legal fees.

HSBC Holding Plc has emerged as the leading British multinational investment bank and financial services holding company. It became the 7th largest bank all across the globe by 2018.

Timmy Murphy
Timmy Murphy
Timmy is a crypto and finance analyst. He deals with finance news-stories. He has completed his graduation in accounting and Finance. He is also a blogger and is famous for his finance blog. For any issues, feel free to contact him at email: timmy@forexnews.world

Must Read

Chinese Yuan Leads Charge in the Risk-on Trades as USD Falls Flat

The US dollar suffered losses against the majority of the currencies on Thursday as rally in riskier assets such as commodities and global equities...

A New Dawn Ushers in as Binance Takes Over Swipe in Crypto World

Binance, one of the leading digital currency exchanges, has acquired the Crypto payments platform, Swipe, for a sum of money that has not been...

Dollar Sinks as Doubts Surface over Recovery

As the world economy is gradually recovering from the COVID-19 pandemic, the US services data provided everybody a zing of confidence, although the dollar...

US Dollar Maintains Stability Against Global Currencies

With the Euro rising and Yen falling by narrow margins, the US dollar seems to be achieving near level price ranges, even as the...

Rupee Surges Against American Dollar and crosses 75-Mark

Since March 2020, the Indian rupee was around 74.59 against the American Dollars, but today it has surged by 42 paise and cross the...