Mainland Investors Face Key Milestone in HK Bank Unattended Account Verification, Source of Funds Declaration Key to Restart Account

BlockBeats News, August 24th. Recently, there have been reports that some Hong Kong banks have initiated a funds source declaration process for certain existing mainland Chinese clients, with key deadlines set for August 20th (investment services may be suspended if not submitted) and September 12th (investment services may be terminated if not submitted).

According to information from various sources, including HSBC Hong Kong and Hong Kong branches of Chinese banks, some licensed Hong Kong institutions have indeed taken the above-mentioned actions recently, primarily targeting long-term "dormant accounts." An HSBC spokesperson responded, stating, "When managing investment client relationships, we will comply with relevant regulatory requirements. Therefore, we invite relevant mainland investors to provide a self-declaration and confirm that the information provided in the 'Know Your Customer' (KYC) and 'Customer Due Diligence' is up-to-date and valid. This step helps us to continue providing uninterrupted service to our clients. This latest declaration request applies only to our investment services clients."

It is understood that the aforementioned actions by Hong Kong banks are still based on the Hong Kong Monetary Authority's notice issued on May 22nd (synchronized with a circular from the Hong Kong Securities and Futures Commission), rather than any new policy or regulatory guidance. (Yicai)