Hong Kong Monetary Authority requires banks to complete investigation into accounts opened with false documents dating back to January 2023 within 3 months

Odaily Planet Daily News: The Hong Kong Monetary Authority has required banks to initiate account opening reviews for investment accounts opened by mainland users, focusing on identifying and closing accounts opened with false documents and clearing zombie accounts. The scope of the investigation into accounts opened with false documents covers accounts opened since January 2023, with the investigation to be completed within 3 months, and problematic accounts to be closed within 6 months after completion.

The investigation and clearance of “zombie accounts” will also commence within the next 3 months. Banks must identify accounts held by mainland investors that have had a zero balance and no transaction activity for the one year prior to May 22, 2026, re-confirm KYC (Know Your Customer) information with them, and require customers to make a series of declarations according to the new regulations for opening new investment accounts. If these procedures cannot be completed, the accounts will be closed within 6 months. (Caixin)