CMAs are accounts used by regulated firms holding money as a trustee for a third party client. They are specific accounts in which funds are held that are not immediately due and payable by the depositor (owner of the funds) to the account holder i.e. the account holder holds such deposited funds in trust. CMAs are different from regular bank accounts in many ways and are only available to regulated clients*. They are held by the regulated firm as a trustee but the money belongs to the third party client rather than the regulated firm. Accounts are identifiable as a CMA at all times with no co-mingling of balances between the regulated firm and third party
HSBC Innovation Banking must be satisfied that regulated firms apply robust and risk-sensitive customer due diligence measures including internal controls, transaction monitoring, sanctions screening, high risk country and PEP reviews. Firms are subject to initial and ongoing due diligence assessments which can take longer than regular accounts.
*Other eligibility requirements apply