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HKMA: Banking Sector Has Implemented Additional Measures for Mainland Investor Account Opening and Mgmt to Ensure Compliant and Orderly Procedures
In response to media enquiries regarding opening accounts for Chinese Mainland investors, the Hong Kong Monetary Authority (HKMA) spokesperson said that Hong Kong’s regulator...
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HKMA: Banking Sector Has Implemented Additional Measures for Mainland Investor Account Opening and Mgmt to Ensure Compliant and Orderly Procedures
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In response to media enquiries regarding opening accounts for Chinese Mainland investors, the Hong Kong Monetary Authority (HKMA) spokesperson said that Hong Kong’s regulatory authorities have all along been maintaining close and ongoing communication with their counterparts on the Chinese Mainland. Following the circular of the Securities and Futures Commission (SFC) which required broker firms to implement additional measures for opening and managing investment accounts held by Chinese Mainland investors, the HKMA required banks to adopt a similar high business standard as expected by the SFC.

The spokesman said the banking industry has implemented the new regulatory requirements set out in the HKMA circular to ensure the account opening process is compliant and orderly. Chinese Mainland customers continue to apply for opening accounts, and in general, the account opening process has been operating smoothly. As Hong Kong is an international financial centre, banks have been providing professional services to customers from various jurisdictions, while ensuring businesses are fully compliant with rules and regulations. The enhancement measures this time help reinforce the advantages of Hong Kong as an international financial centre.

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The spokesman said banks in Hong Kong have had in place rigorous account opening procedures. Ensuring businesses are carried on in a compliant and orderly manner is an ongoing supervisory requirement. Chinese Mainland individuals can use various legitimate cross-boundary investment channels to allocate assets and invest in eligible wealth management products, including the Cross-boundary Wealth Management Connect Scheme or investing via the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect through Chinese Mainland brokers.

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