Client Monies Account
Our Client Monies Account in detail
Firms authorised by the Financial Conduct Authority (FCA) are required to hold funds defined as ‘client money’ in accordance with the Client Assets Sourcebook (CASS) rules found in the FCA Handbook.
This is where a Client Monies Account (CMA) comes in.
CMAs are specialised accounts for regulated firms holding money in trust for third-party clients. Unlike regular bank accounts, CMAs ensure that funds are not immediately due to the account holder and are distinctly identified, preventing co-mingling of balances.
HSBC Innovation Banking requires regulated firms to implement robust customer due diligence measures, including transaction monitoring and risk assessments.
Initial and ongoing due diligence may take longer than for standard accounts.
Eligibility requirements apply.
Overview
- Separation of Funds: Designed specifically for regulated firms, this account ensures that client funds are kept separate from your own working capital, providing clarity and compliance with regulatory requirements.
- Enhanced Security: Offers a secure way to manage client funds, giving both you and your clients peace of mind regarding the safety of their money.
- Flexible Access: Provides firms with the ability to access their funds as needed, ensuring liquidity while maintaining the integrity of client money management.
- Streamlined Management: Simplifies the process of handling client funds, allowing firms to focus on their core operations while ensuring proper financial stewardship and compliance.
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
T&Cs and other eligibility criteria apply
Key benefits
- CMA funds are protected from any other exposure the account holder has with HSBC Innovation Banking – HSBC Innovation Banking doesn't exercise any right of set-off 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
- Detailed reporting to meet legal and audit obligations
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