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HSBC begins closing Jersey accounts

The bank is carrying out checks on the identity and address of thousands of its customers on the Channel Islands, and is closing accounts that do not meet tax compliance standards.

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HSBC begins closing Jersey accounts

HSBC

HSBC is carrying out identity checks on UK customers in Jersey, and is closing accounts that do not meet tax compliance standards.

They are closing the accounts of many UK customers with accounts in Jersey, and Jersey customers with UK accounts.

Some customers have been told to report to their local branch, to confirm their identity and address.

HSBC has released the following statement:

"Whilst we cannot comment on individual cases, HSBC has implemented numerous standards designed to prevent its banking services being used to evade taxes or launder money, and we have exited clients who do not meet those standards or where we have concerns in relation to tax compliance."

– HSBC

It follows news that an estimated 170 customers with accounts in Jersey were being chased for up to £20 million in tax by UK authorities.

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