Starting May 26, certain Hong Kong banks have implemented a new requirement for customers opening investment accounts in person. Customers must now sign a "Declaration on the Lawful Source of Funds," confirming that all funds used for investment activities originate from lawful sources outside mainland China. This adjustment aligns with local regulatory requirements.
The new document, titled the "Cross-Border Disclosure Statement (Applicable to Investment Account Opening Applications)," also affects mainland Chinese investors who opened accounts between May 23 and May 25. These investors must sign the updated declaration retroactively, or their account's buy transaction functionality will be suspended. Existing holdings and assets remain unaffected by this requirement.
Hong Kong Banks Require Lawful Source Declaration for Investment Accounts
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