HSBC Cites Rules as Protest-Linked Account Reportedly Shut
The Lady Liberty Hong Kong statue stands outside the HSBC headquarters in Hong Kong, Sept. 6.
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HSBC Holdings Plc pointed to routine regulatory requirements to ensure client money is used for stated purposes after a report Monday that the firm is shutting a corporate account that helped fund protest-related activities in Hong Kong -- a politically sensitive issue.
The bank took action after finding the account was being used inconsistently with its original paperwork, the Hong Kong Economic Journal said. The firm informed the client last month that it will close the account after a 30-day notice period that ends this week, according to the report, which didn’t identify who opened it.