Hong Kong Monetary Authority Requires Banks to Complete Review of Accounts Opened with Fake Documents Dating Back to January 2023 Within 3 Months

Odaily星球日报讯 The Hong Kong Monetary Authority (HKMA) has instructed banks to initiate account opening reviews for investment accounts opened by mainland Chinese users, focusing on identifying and closing accounts opened with fake documents, as well as clearing dormant accounts. The review for accounts opened with fake documents will cover those opened since January 2023. Banks must complete the review within 3 months and close problematic accounts within 6 months after the review is completed.

The review and cleaning of "dormant accounts" will also be launched within the next 3 months. Banks are required to identify cases where investment accounts held by mainland investors have had zero balances and no transaction activities for the one-year period prior to May 22, 2026. For such accounts, banks must conduct new KYC (Know Your Customer) confirmation with the clients and require them to make a series of declarations according to the new rules for opening investment accounts. If these procedures cannot be completed, the accounts will be closed within 6 months. (Caixin)