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HSBC regret over cash withdrawal curbs

HSBC has apologized over an issue where some customers were prevented from withdrawing large sums of cash from their accounts. The bank said as part of a policy change put into effect in November, it began asking customers in some instances to show evidence of what they planned to do with large cash withdrawals. The bank said It is not mandatory for customers to provide documentary evidence for large cash withdrawals, and on its own, failure to show evidence is not a reason to refuse a withdrawal. “We apologize to any customer who has been given incorrect information and inconvenienced,” a statement by the bank said. According to reports some customers of the bank were not allowed to withdraw amounts above 5,000 pounds in cash. The policy change was part of the bank’s efforts to comply with regulations to fight money laundering, which require banks to report suspicious behavior, such as withdrawing large amounts of cash.

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