New regulations on wire transfers

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14 May 2007

The Monetary Authority of Singapore (MAS) has introduced new wire transfer rules to prevent money laundering and to counter terrorist financing. From 1 July 2007, certain wire transfers initiated by any bank in Singapore on behalf of a customer must include certain prescribed information in addition to the customer’s name and account number. These include the customer's address, unique identification number, or date and place of birth.

To comply with these rules, from 1 July 2007, HSBC will include the customer's name, account number and address held in our records in all wire transfer messages relating to wire transfers effected on behalf of our customers. By initiating a wire transfer through the Bank, a customer will be deemed to have consented to the inclusion of these or any alternative details referred to in the new rules in the wire transfer message.

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