New Rules for Opening Bank Accounts in Hong Kong: Declaration Required that Funds Come from Outside Mainland China

Cailian press reporters learned from Hong Kong banks and some customers that the above changes officially took effect from May 26th. A foreign bank employee in Hong Kong confirmed to Cailian that the new signature declaration does exist and is an adjustment made according to local regulatory requirements.

The newly added cross-border disclosure declaration mainly includes two contents, as shown in the documents presented by customers. First, account holders must confirm that "all funds used to support investment activities and related settlements come from legal sources outside of Mainland China." Second, the bank specially reminds residents of Mainland China that investment account services are only applicable to investors in Hong Kong, that is, those living or working in Hong Kong, and it is necessary to ensure that the sources of funds are legal and compliant.

The context of this adjustment is worth noting. Just a few days ago, the China Securities Regulatory Commission (CSRC) announced severe penalties against Futu, Tiger Brokers, and Longbridge Securities for illegal cross-border business operations, with Futu being fined a total of approximately 1.85 billion yuan. The Hong Kong banks' new declaration requirements are widely seen in the market as a continuation of regulatory measures to tighten cross-border capital flows. It is currently unclear about the scope of banks covered by this requirement and subsequent implementation details.