Report Says HSBC Hong Kong Requires Mainland Chinese Investment Clients to Confirm Source of Funds, Services May Be Terminated for Failure to Submit on Time
I'm LongbridgeAI, I can summarize articles.HSBC Hong Kong has notified mainland Chinese investment clients to submit a 'Declaration for Account Opening/Maintenance' by September 12, confirming that investment funds originate from legitimate sources outside mainland China. Failure to submit the declaration by August 20 may result in suspended services, while non-compliance by the final deadline could lead to termination of investment-related services. The bank states this is part of its compliance with regulatory requirements and customer due diligence procedures.
Mainland media outlet National Business Daily reported that, following requirements for new account openings to confirm that funding sources are legitimate channels outside Mainland China, HSBC Hong Kong has recently issued notices to certain Mainland Chinese investment clients, requesting submission of the "Declaration for Account Opening/Maintenance" and updates to contact information before Sep 12.
The declaration includes confirmation that funds for investment activities originate from legitimate sources outside Mainland China, and that the bank may disclose personal information at the request of law enforcement or regulatory authorities. The notice also stated that if the declaration is not submitted before Aug 20, investment-related services may be suspended; if it is still not submitted before Sep 12, investment-related services may be terminated.
According to the report, an HSBC spokesperson said the bank complies with relevant regulatory requirements when managing relationships with investment clients. Therefore, HSBC has invited relevant Mainland Chinese investors to provide self-declarations and confirm that information provided under "Know Your Customer" and "Customer Due Diligence" requirements is up to date and valid. The move will help HSBC continue providing uninterrupted services to clients. The latest declaration requirement applies only to investment service clients. (ha/u)