HSBC to close corporate account being used to support Hong Kong protesters through crowdfunding

Banking giant HSBC will close a corporate account that is being used to raise funds to support protest-related activities in Hong Kong after finding its activities do not match the business purposes stated by the client, the Post has learned.

The bank told the holder of “The Prime Management Service Ltd” account last month to clear the money within 30 days, which falls this week, a banking source said on Monday.

The account has been used to raise funds for Spark Alliance HK, a non-profit organisation, to support anti-government protesters by covering legal and medical services and providing aid such as food and education. The group could not be reached for comment.

Bank regulations require a client to state the intended business nature of the account when opening it and its expected activities, but in this case, crowdfunding was not mentioned, according to the source.

“This client only stated that the account was for a commercial purpose. But in reality it is being used as a platform for raising funds. This doesn’t match the account’s stated purpose,” the source said.

“There has been a large amount of money going through this account every day, and the bank may have money-laundering concerns.”