Why does HSBC need to complete a credit check when I open a Direct Savings Account online?
To meet Canadian anti-money laundering regulations outlined in the Proceeds of Crime (Money Laundering) Terrorist Financing Act and Regulations effective June 23, 2008, we must following legislated methods to ascertaining identity when we open online accounts without face-to-face interaction. Therefore; to open a Direct Savings Account online, we are required you to: • Send a cheque drawn on your existing chequing account with another Canadian Financial Institution. The cheque must include your name and current address. This cheque must clear your account to provide proof of identity. • Consent to a credit bureau check from which we may ask specific personal questions to confirm your identity.
