HSBC Bank suspected of Yin Huawei is unreliable: a recidivist who leaks customer information?

category:Finance
 HSBC Bank suspected of Yin Huawei is unreliable: a recidivist who leaks customer information?


There is a proof against Mengs late boat in the United States that it is a PPT. How does Ren Zhengfei see how the United States acquired this PPT? On June 27, Ren Zhengfei told the Canadian Globe Post that Skycom had been in contact with Huawei throughout its trade with Iran because it knew Skycoms business in Iran and its relationship with Huawei. After several years of operation, they invited Meng to go to the cafe for coffee. Meng talked about several PPTs, which were not misleading. Why do banks leave these PPTs? We dont know. We hope we can know better when the East District Court in New York finishes its trial. Ren Zhengfei said.

According to the Global Times, Reuters reported in February that HSBC helped the U.S. Justice Department to obtain a material to sue Huawei through an internal investigation, which helped the U.S. Justice Department Luo Zhis charges against Huawei and eventually led to the arrest of Huawei executives in Canada.

Shen Yi, an associate professor in the Department of International Politics at Fudan University, said that if foreign media reports were true, HSBCs role in the matter was indeed very problematic. Such banks and financial institutions were in a sense unreliable and unreliable.

One expert who wished to remain anonymous said that the essence of the case was that HSBC cooperated with the U.S. governments long arm jurisdiction to transfer personnel and data located in China to other countries for cross-border investigation and evidence collection by the U.S. Department of Justice against Huawei without the permission of the Chinese government.

HSBC has paid a $1.9 billion fine to the United States on money laundering charges. On December 11, 2012, HSBC announced a settlement agreement with the U.S. government to pay a hefty fine of $1.921 billion for its inadequate prevention of money laundering.

HSBCs image has been damaged in recent years. In November 2014, HSBC was fined $618 million by the British Financial Conduct Regulatory Agency and the Commodity Futures Trading Commission for manipulating the global foreign exchange market. In February 2015, HSBC was once again mired in a scandal for helping clients evade taxes. From 2005 to 2007, HSBC Swiss Branch assisted 100,000 heavyweight clients in tax avoidance and hiding up to $100 billion in assets, according to the International Association of Research Journalists in the United States.

It is noteworthy that HSBC has exposed four major customer information leaks. On April 26, 2008, the server of the Kwun Tong Branch of HSBC Bank was stolen during the renovation period and nearly 160,000 customer data were lost. In July 2008, HSBC said it had lost a coded digital tape recording the banks telephone conversations with customers, a backup tape containing 25,000 telephone conversations. On April 13, 2010, French prosecutors said that 127,000 accounts of 79,000 Swiss HSBC customers were leaked and exposed. Helf Farsiani, a former information technology adviser at HSBC Private Bank, a Swiss subsidiary of HSBC, was accused of stealing tens of thousands of bank customers from late 2006 to early 2007. In 2018, HSBC was exposed that its customer accounts were attacked between October 4 and October 14, and about 1% of American customerspersonal information was leaked.

HSBC Bank (China) Limited (hereinafter referred to as HSBC China) officially opened on April 2, 2007, headquartered in Shanghai, is a locally registered foreign legal person bank, wholly owned by HSBC Bank.

In March this year, HSBC Wuhan Branch of China violated the law and regulations by failing to use the paper payment form to account for the required subjects. According to Article 41 of the Measures for the Administration of Acting State Treasury Business of Commercial Banks and Credit Cooperatives, the Business Administration Department of Wuhan Branch of the Peoples Bank of China fined it RMB 1000.

Foreign media call HSBC an acquittal for the U.S. government to engage in Huawei

According to the Global Times, the Financial Times recently disclosed that HSBC, which was targeted by the U.S. Department of Justice for a series of problems such as money laundering and violations of sanctions laws, agreed to cooperate with the U.S. Department of Justice in other cases to escape punishment. Chinas Huawei Company has become the victim of such cooperation, which eventually led to the arrest of Huawei executives. The Financial Times also revealed that HSBC had explained to China earlier this year that it was forced.

Reuters reported a detailed round of HSBCs role in Huaweis case in February. According to Reuters reports at the time, HSBC began cooperating with the U.S. Department of Justices investigation of Huawei from the end of 2016 to 2017 in exchange for the U.S. Department of Justices forgiveness of HSBC, because HSBC itself also involved other cases of violation of the U.S. sanctions ban.

According to Reuters, HSBC helped the U.S. Department of Justice obtain a material to sue Huawei through an internal investigation, which helped the U.S. Department of Justice Luo Zhis charges against Huawei and eventually led to the arrest of Huawei executives in Canada.

The executive of Huawei, now detained by the Canadian government, communicated face-to-face with an executive of HSBC, saying that Huawei had no irregularities, and provided the HSBC executive with a PPT document describing the situation. But to Huaweis surprise, in 2017, when HSBC faced prosecution from the U.S. Department of Justice for suspected bank violations, in exchange for the forgiveness of the U.S. Department of Justice, HSBC handed over the PPT to the U.S. Department of Justice, which had been trying to overthrow Huawei for the past few years, and ended its partnership with Huawei.

According to Reuters reports and the U.S. government indictment against Huawei, such a small PPT document was quickly used by the U.S. Department of Justice as the core basis for prosecuting Huawei and arresting the Huawei executive last year. HSBC has also been described by the US Justice Department as a victim of the fraud by the Huawei executive and her PPT. Reuters also revealed that HSBC had not been prosecuted by the U.S. government for any other cases it involved.

The Financial Times also revealed information that Reuters did not mention, such as that HSBC was targeted by the U.S. Department of Justice in 2012 for laundering money for Mexican drug traffickers. In addition to paying a huge fine of $1.9 billion, the U.S. Department of Justice sent a group of monitors to HSBC to review its business. HSBC insiders said their explanation at the time was that HSBC could not resist requests and investigations from the U.S. Department of Justice because the U.S. government sent surveillance personnel to HSBC and a team of 200-400 people had access to all information about the bank at any time.

Ren Zhengfei: HSBC knows Skycoms relationship with Huawei

James Kynge, a reporter from the Financial Times, asked: Recent hearing of HSBCs cooperation with the U.S. government will bring great difficulties to Huawei. What do you think of the future cooperation between Huawei and HSBC?

Ren Zhengfei: First of all, HSBC has long stopped cooperating with Huawei.

Secondly, Meng had no criminal facts. This bank has known SKYCOM company and its business in Iran from the beginning, as well as the relationship between SKYCOM and Huawei. Email exchanges can prove that there is a mark in the email. The bank can not say legally that it is deceived and unaware of this matter. The evidence is all there, and it can not be lost. Meng said a sentence while drinking coffee in the cafe. This sentence can not be the evidence of Mengs crime. In the long process of dealing with Iran from beginning to end for many years, she interposed into the cafe and drank coffee once. She said a word that there was no crime. The American courts can investigate the prosecutor. He prosecuted Meng Wanzhous crime. What is the facts of the prosecution?

We have always trusted western countries ruled by law, focusing on facts and evidence. First of all, facts and evidence are needed to determine whether the person is wrong. Of course, this does not affect our future cooperation with other banks. After this link is unraveled, we still need to cooperate. World finance is an integrated system.

Ren Zhengfei: HSBC has stopped all of our trading cooperation, not us. They did not explain that if they did not provide us with services, we would cooperate with other banks.

Huang Shulin: Do you think such treatment is fair? If these problems are solved, will we continue to cooperate with HSBC in the future?

Ren Zhengfei: There is no such thing as fairness in the world. Its all about strength. We have the strength to solve problems, regardless of how the other side treats them. Now is not the time to discuss the issue of cooperation, the most important thing is to finish the lawsuit first.

Canadas Globe and Mail reporter asked: How do you think the United States got this PPT? Is it through legal channels? Do you think this PPT can be presented to the court as evidence?

HSBC paid a $1.9 billion fine to the United States on money laundering charges

In a statement, HSBC President Ou Zhihua said that HSBC admitted responsibility for past mistakes and again apologized.

According to the deferred prosecution agreement, the prosecution allows the prosecuted party to avoid prosecution under certain conditions, including paying fines or being punished, and undertaking specific reforms under the supervision guidance.

HSBC said it had spent $290 million to improve its money laundering prevention mechanism and recovered bonuses previously earned by some executives. The statement also said HSBC expects to sign a commitment with the UK Financial Services Authority on money laundering soon.

In July 2013, according to China Securities News, Reuters reported on Wednesday that Judge John Grayson of Brooklyn District Court in New York approved a settlement agreement with the U.S. government on the investigation of non-compliance with anti-money laundering and sanctions laws, under which HSBC will pay a fine and compensation of $1.92 billion. The $1.92 billion fine is by far the largest fine ever issued to banks by U.S. regulators.

As part of the agreement, HSBC also needs to restrict the bonuses of bank executives in order to comply with relevant regulations. In addition, HSBC will face up to five years of court supervision.

Earlier, in July 2012, the U.S. Senate released a survey that said HSBC had become the preferred financial institution for drug traffickers, money launderers and other offenders in Mexico and Colombia, ignoring U.S. sanctions against Iran, Myanmar, Cuba, Libya and Sudan and illegally transferring funds to customers in those countries.

HSBCs image has been damaged in recent years: assisting clients in tax evasion scandals

According to China News Agency, HSBCs image has been damaged in recent years. In November 2014, HSBC was fined $618 million by the British Financial Conduct Regulatory Agency and the Commodity Futures Trading Commission for manipulating the global foreign exchange market.

In February 2015, HSBC was once again mired in a scandal for helping clients evade taxes. From 2005 to 2007, HSBC Swiss Branch assisted 100,000 heavyweight clients in tax avoidance and hiding up to $100 billion in assets, according to the International Association of Research Journalists in the United States.

According to Peoples Daily, the BBC reported on February 9, 2015, HSBC, Britains largest bank, has done everything in the past few years to help wealthy depositors hide their real assets from the British government, with tax evasion amounting to hundreds of millions of pounds. Analysts pointed out that if such actions as helping savers evade taxes were proved to be true, HSBC would become a terrible tax haven and its reputation and prestige would be severely damaged.

Some analysts believe that the large-scale banks can engage in illegal activities for such a long time, the lack of financial supervision, the loss of professional integrity, the numbness of social responsibility and so on are the key factors that can not be ignored.

I think HSBC is a tax avoidance and tax evasion company, and I think they are providing this service, said Brooks, author of the Tax Robbery.

Since then, according to Guangming Daily on February 26, 2015, two top executives of HSBC recently apologized for the improper practices of their Swiss private banks in helping customers avoid taxes. Stuart Gulliver, chief executive of HSBC Group, and Douglas Flint, chairman of HSBC Group, said in a question by the Parliamentary Finance Committee that the move undermined peoples trust and confidence in HSBC Group, and he was ashamed of it and would assume corresponding responsibilities. But he also accused HSBC Swiss banking management of stealing and leaking customer information a great crime.

HSBC has exposed four major customer information leaks and engineers turned into data thieves

On July 4, 2008, HSBC announced the loss of a coded digital audio tape that recorded the banks telephone conversations with customers, according to Economic Watch. According to reports, the incident originated from the service center of HSBC Guangzhou Group. On June 17, the express delivery company was commissioned to deliver 55 cassettes to Hong Kong. Only 54 cassettes were sent to the banks Hong Kong office. The unreturned tape is a backup tape containing 25,000 telephone conversations. It records the telephone conversations between the bank and customers and callers from April 18 to 24, 2008. Most of the contents are related to credit card service inquiries and business online financial services for business customers. Calls, and the content of the banks calls to customers.

According to Agence France-Presse, on April 13, 2010, French prosecutors said that 127,000 accounts of 79,000 Swiss HSBC customers had been leaked and exposed, which meant that more people would be prosecuted by their own tax authorities for tax evasion. Helf Farsiani, a former information technology adviser at HSBC Private Bank, a Swiss subsidiary of HSBC, was accused of stealing tens of thousands of bank customers from late 2006 to early 2007.

Helf Fasciani was transformed from a security engineer into a data thieves. Born in Monaco, he has a degree in computer programming. In 2000, at the age of 28, he joined HSBCs IT department to write security software for banks. Six years later, he was transferred to the Geneva headquarters of HSBC Private Bank in Switzerland to be responsible for database system security. In 2008, the Systems Safety Engineer, who has always been a good performer, unexpectedly carried 130,000 top-secret customer data from the HSBC headquarters building. In 2013, according to the Jinling Evening News, Helf Fasciani defended himself at the Spanish National Court hearing in 2013, claiming that the banks were rotten, that they tolerated tax evasion and tax evasion, and sometimes even helped customers launder money. He admitted that he had tried to expose HSBCs misconduct to the Swiss government.

I grew up in Monaco, where people wanted to work in financial institutions, Hulf Fasciani told the media. When I was young, I thought that banks were the place to protect the property of honest people. But at HSBC, I found that everything was totally different.

In November 2018, according to China Business News, HSBC was exposed that its customer accounts were attacked between October 4 and October 14, and about 1% of American customerspersonal information was leaked. According to foreign media reports, on November 8, HSBC announced that its customer accounts were attacked between October 4 and October 14, and about 1% of American customersnames, dates of birth, telephone numbers, e-mail and other information were leaked. HSBC said that the hacker intrusion was caused by the attack of login certificates, that is, hackers invaded HSBC bank accounts by obtaining personal information of customers from other ways. In response, HSBC suspended online access to some accounts. At the same time, additional security protection is added to the authentication process of personal online banking platform to protect its customers from future attacks.

Source: Responsible Editor of China Economic Network: Wang Xiaowu_NF