Hong Kong Monetary Authority requires banks to complete within 3 months the review of accounts opened with fake documents, tracing back to January 2023

Odaily Planet Daily News: The Hong Kong Monetary Authority (HKMA) has required banks to initiate account reviews for investment accounts opened by mainland users, focusing on identifying and closing accounts opened with fake documents and clearing dormant accounts. The scope of the review on accounts opened with fake documents traces back to accounts opened since January 2023. The review must be completed within 3 months, and problematic accounts must be closed within 6 months after completion.

The review and clearing of "dormant 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 in the year prior to May 22, 2026. For these accounts, banks must re-confirm KYC (Know Your Customer) information and require customers to make a series of declarations in accordance with the new regulations for opening new investment accounts. If these procedures cannot be completed, the accounts will be closed within 6 months. (Caixin)