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HSBC Holdings Plc told its staff to stop posting to all of the bank’s social media accounts for fear of “negative reactions” to revelations in leaked suspicious activity reports.
In a memo to employees on Sept. 21, Tricia Weener, head of marketing for HSBC’s global investment and commercial banking branches, said the London-based company would not post until at least 11am UK time. (6pm Kuala Lumpur) on September 22.
“Given current news coverage, a decision has been made to pause all HSBC proactive social media posts with immediate effect (except for customer responses in banking services), to avoid negative feedback and reactions on our channels and content, “Weener wrote.
HSBC shares fell 2.7% to HK $ 28.50 (RM15.22) in Hong Kong at 10:45 am local time, after reaching their lowest level since 1995 on September 21.
HSBC is one of roughly 90 banks named in the leaked documents from the U.S. Department of the Treasury’s Financial Crimes Enforcement Network, which showed around $ 2 trillion in transactions between 1999 and 2017 that were flagged by the internal compliance officers of financial institutions as possible money laundering or other criminal activity.
In the case of HSBC, the documents say it processed millions of dollars in transactions for a Chinese Ponzi scheme, leaving victims of the scam unable to recoup losses. “Starting in 2012, HSBC embarked on a multi-year journey to review its ability to combat financial crime in more than 60 jurisdictions. HSBC is a much safer institution than in 2012,” the bank said in response to the stories. BuzzFeed News and the International Consortium of Investigative Journalists.
The bank operates dozens of social media accounts around the world, providing information about its services to clients in the main countries where it operates. HSBC revealed through its official WeChat account in June that its Asia-based senior executive signed a petition endorsing a new national security law for Hong Kong, drawing criticism from Western politicians.
An HSBC spokeswoman in London declined to comment. – Bloomberg
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