Client Monies Account

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Businesses authorised by the Financial Conduct Authority (FCA) are required to hold funds defined as ‘client money’ in accordance with the Client Assets Sourcebook rules found in the FCA Handbook – this is where a Client Monies Account (CMA) comes in.

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

Key features

  • Account available in the same currencies as our non-CMA accounts (currently 15 major currencies available)
  • Accessible on HSBC connect, HSBCnet, PSD2 API (Application Programming Interface) integration platform and the UK SWIFT statement service
  • Acknowledgement letter provided
  • Access to a wide range of electronic payments options
  • Regulated firms can't change the title of their account in Online Banking

The benefits

  • Funds in the CMA are protected from any other exposure the account holder has with HSBC Innovation Banking – HSBC Innovation Banking doesn't exercise any right of setoff and funds can never be used as collateral against any loan a firm might have with HSBC Innovation Banking
  • Detailed reporting to support your legal and audit obligations
  • No limit on the number of accounts – open as many accounts as you need and only pay the account maintenance and services fee on the first one

T&Cs and other eligibility criteria apply

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