Svmuu reported that a spokesperson for the Hong Kong Monetary Authority (HKMA) stated that mainland customers can still apply to open bank accounts in Hong Kong normally, with the overall account opening process running smoothly. Hong Kong regulatory authorities have maintained close and regular communication with their mainland counterparts.
Recently, the HKMA required banks to adopt business standards comparable to those imposed by the Securities and Futures Commission (SFC) on securities firms. The Hong Kong banking industry has already implemented the latest regulatory requirements outlined in the circular. Mainland residents can allocate assets and invest in eligible wealth management products through various legal cross-border investment channels. According to a regulatory circular issued on May 22, when mainland residents open new bank investment accounts in Hong Kong, they must make a written declaration confirming that all funds used for investment and settlement originate from legitimate sources outside mainland China. All registered institutions are required to complete a comprehensive review of account openings since January 2023 within three months of the circular's issuance. (21st Century Business Herald)