HSBC accused of closing Syrian refugees' bank accounts in the UK

HSBC has come under fire in the UK for allegedly closing bank accounts belonging to Syrian refugees.

The banking giant has been accused of ethnically profiling its customers after closing bank accounts belonging to Syrian refugees and students in the UK.

The British newspaper Independent published evidence showing letters sent by the bank to numerous Syrian clients living in the UK telling them their accounts would be closed with just two months notice.

The bank said its practice is “not based on race or religion” but was a reaction to international obligations concerning payments to certain countries.

Majid Maghout, a 26-year-old Syrian student said “HSBC told me it had nothing to do with me as a customer – the issue was that I was a Syrian citizen. I’m a student. I have no money and I’m here thanks to a scholarship. I live on £400 a month and I’ve never transferred money to Syria. This is a case of discrimination.”

The newspaper quoted a bank spokesperson as saying“HSBC is committed to adopting and enforcing the most effective standards to combat financial crime across its operations globally.
“This applies to customers with links to a country that is subject to international financial sanctions. In certain cases, an assessment of the risks involved may require ending a customer relationship.”