Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

1/27/2014 (2 years ago)

Catholic Online (www.catholic.org)

Some customers were reportedly not allowed to withdraw amounts above $8,253 in U.S. dollars

It was an idea that failed - and as such, British bank HSBC has apologized to its customers after some were prevented from withdrawing large sums of cash from their accounts. Put in effect in November, some customers were asked to show evidence of what they planned to do with large cash withdrawals. The policy has since been rescinded.

HSBC bank pleaded guilty to violating several laws in the U.S., including the Bank Secrecy Act, but avoided criminal prosecution.

HSBC bank pleaded guilty to violating several laws in the U.S., including the Bank Secrecy Act, but avoided criminal prosecution.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

1/27/2014 (2 years ago)

Published in Europe

Keywords: United Kingdom, HSBC, bank withdrawals, policy


LOS ANGELES, CA (Catholic Online) - "It is not mandatory for customers to provide documentary evidence for large cash withdrawals, and on its own, failure to show evidence is not a reason to refuse a withdrawal," the bank said in a statement. "We apologize to any customer who has been given incorrect information and inconvenienced."

Some HSBC customers were not allowed to withdraw amounts above 5,000 pounds in cash, or about $8,253 in U.S. dollars.

Help in the fight against World Hunger by going here --

One frustrated customer said he met a roadblock while trying to repay a loan from his mother. "When we presented them with the withdrawal slip, they declined to give us the money because we could not provide them with a satisfactory explanation for what the money was for. They wanted a letter from the person involved."

The man said that the staff refused to tell him how much he could have. "So I wrote out a few slips. I said, 'Can I have Ł5,000?' They said no. I said, 'Can I have Ł4,000?' They said no. And then I wrote one out for Ł3,000 and they said, 'OK, we'll give you that.'"

He asked if he could return later that day to withdraw another Ł3,000, but he was told he could not do the same thing twice in one day.

The policy was ostensibly to comply with regulations to fight money laundering, or which require banks to report suspicious behavior. Currently, U.S. banks are required to report cash transactions above $10,000 to the government, as well as transactions that occur under suspicious circumstances.

"Cash presents more risk, and in particular financial crime risk, than other payment methods. It also leaves customers with very little protection if things go wrong," the bank said.

"Therefore, we need to monitor particularly closely movements of cash in and out of the banking system. This is why we ask our customers about the purpose of large cash withdrawals when they are unusual and out of keeping with the normal running of their account."

HSBC had agreed to pay a record $1.9 billion two years ago to settle charges by authorities in the U.S. that the bank had lax controls against money laundering. The bank was accused of allowing hundreds of millions of dollars of suspicious transactions by customers in Mexico and other nations, including drug proceeds.

HSBC bank pleaded guilty to violating several laws in the U.S., including the Bank Secrecy Act, but avoided criminal prosecution.

"Asking the right questions, protecting our customers and reducing the risk of money laundering, fraud and other crimes, means we are doing the right thing and fulfilling our responsibilities as a bank and to society at large," the bank said.

Pope Francis calls for your 'prayer and action'...


---


Pope Francis: end world hunger through 'Prayer and Action'


Copyright 2015 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for February 2016
Universal:
That prisoners, especially the young, may be able to rebuild lives of dignity.
Evangelization: That married people who are separated may find welcome and support in the Christian community.



Comments


More Europe

SCARY POLL: One in four Germans favors shooting illegal immigrants at borders Watch

Image of A political storm brewed last week after Alternative for Germany - or AFD party leader Frauke Petry [not pictured] advocated the right of border police to gun down migrants.

By Catholic Online (CALIFORNIA NETWORK)

Growing weary of accommodating refugees from such trouble spots as Syria and Iraq, the German people have expressed a rather shocking sentiment in a recent poll. According to the survey - one in four Germans favors shooting illegal immigrants at their nation's ... continue reading


Seven suspects arrested in Spain for smuggling weapons to ISIS - disguised as humanitarian aid Watch

Image of Eighty-two suspects have been arrested in connection with suspected terrorist activities in Spain since the beginning of 2015.

By Catholic Online (CALIFORNIA NETWORK)

Seven people have been arrested in Spain and North Africa on suspicion of supplying bomb-making equipment to Islamic State leaders in Syria and Iraq - under the phony pretense of sending humanitarian aid. LOS ANGELES, CA (Catholic Online) - Six men were arrested ... continue reading


REVEALED: Pope Pius XII's secret efforts to overthrow Hitler Watch

Image of In the late 1990s, debate over whether Pius XII did enough to counter the Nazis reached a high point with the publication of the deeply controversial book,

By Kevin J. Jones, CNA/EWTN News

Pope Pius XII's secret support for the attempted overthrow of Nazi dictator Adolf Hitler is the subject of a new book that draws on wartime documents and interviews with the American intelligence agent who wrote them. Washington D.C. (CNA/EWTN News) - "This ... continue reading


Germany cannot take in 'all the world's needy,' Catholic Church says Watch

Image of The anti-Islamic group Periga has encouraged fellow Europeans to join them in marches for

By Catholic Online (CALIFORNIA NETWORK)

Charity has limits, church officials in Germany say. Taking in the majority of the world's Syrian refugees, representatives from the Catholic Church now say that resources are being stretched to the limits, and new refugees must be controlled. LOS ANGELES, CA ... continue reading


Remains of St. Padre Pio of Pietrelcina, St. Leopold Mandic arrive in Rome for Jubilee of Mercy Watch

Image of The relics of the two saints were welcomed to St. Lawrence with a large celebration and procession into the basilica (CNS/Reuters).

By Elise Harris, CNA/EWTN News

The partially incorrupt body of Padre Pio has arrived to Rome for the first time ever alongside that of another friar, St. Leopold Mandic, as a special initiative for the Jubilee of Mercy. Vatican City (CNA/EWTN News) - Urns containing the relics of Saint Padre ... continue reading


Seeking reconciliation, Pope Francis, and Russian Orthodox leader to meet in Cuba - for first time, ever Watch

Image of The meeting comes after years and decades of previous outreach efforts, which has prevented papal visits to Russia (AFP).

By Catholic Online (CALIFORNIA NETWORK)

In the hopes of repairing a schism within Christianity, that dates back as far as the 11th Century, Pope Francis will meet with the leader of the Russian Orthodox Church in Cuba. The two branches have been estranged because of disagreements over papal authority - as ... continue reading


Woman takes toddler to join ISIS Watch

Image of Tareena Shakil took her toddler to Syria to join ISIS (PA).

By Kenya Sinclair (CALIFORNIA NETWORK)

Twenty-six-year-old Tareena Shakil told her family she would be vacationing in Turkey with her 14-month-old son. The next time her family heard from her, Shakil and her son were in Syria - and had joined the terrorist organization ISIS. LOS ANGELES, CA (California ... continue reading


Evidence of the Yeti? Footprints in Himalayan snow said to be of abominable snowman Watch

Image of Among the most elusive of all crypto-zoological creatures, the Abominable Snowman has had several eyewitness accounts. Some Russian fans here pose with an elaborate mock-up of the snowy creature (Lenta).

By Catholic Online (CALIFORNIA NETWORK)

The abominable snowman, or Yeti, remains one of the world's most elusive crypto-zoological figures. There have been many eyewitness reports of the hairy giant throughout the mountain ranges of the Himalayas for many years. A British man, on vacation in Bhutan, ... continue reading


'I should never have smiled at him': Nightclub owner bans migrants from club when language barrier leads to sexual harrassment Watch

Image of When women began to report migrants harassing them at his nightclub, Jensen decided to take action (Mads Flackner).

By Kenya Sinclair (CALIFORNIA NETWORK)

Tom Holden Jensen, the owner of a Danish nightclub, decided to ban all migrants who don't speak Danish, English or German from his Buddy Holly club in Søenderborg. The controversial decision was made after several women claimed they felt threatened and intimidated by ... continue reading


'Covering St.Peter's in an enormous box?' - Italians react to veiling of classical art for alien religion Watch

Image of Statues were covered in advance of Rouhani's visit to Rome, but not all of them.

By David Drudge (CALIFORNIA NETWORK)

Italians are upset that state officials covered ancient Roman statues to avoid offending Hassan Rouhani's sensibilities during his visit to Rome. The president of the Islamic Republic is on a tour of Europe to drum up trade following the lifting of sanctions on Iran. ... continue reading


All Europe News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Subscribe to Catholic OnlineYouTube Channel

the FEED
by Catholic Online

  • 10 important things to consider during Lent
  • Daily Reading for Tuesday, February 9th, 2016 HD Video
  • MAKE YOURSELF COUNT! Complete this quick Ash Wednesday survey
  • Daily Readings for Tuesday, February 09, 2016
  • Stations of the Cross - Series HD Video
  • St. Apollonia: Saint of the Day for Tuesday, February 09, 2016
  • Can you answer these four challenging questions about Lent?

Daily Readings

Reading 1, First Kings 8:1-7, 9-13
1 Solomon then summoned the elders of Israel to Jerusalem to bring the ... Read More

Psalm, Psalms 132:6-7, 8-10
6 Listen, we heard of it in Ephrathah, we found it at ... Read More

Gospel, Mark 6:53-56
53 Having made the crossing, they came to land at Gennesaret and moored ... Read More

Saint of the Day

Saint of the Day for February 8th, 2016 Image

St. Jerome Emiliani
February 8: Jerome Emiliani lay chained in the dark dirty ... Read More