Hong Kong Bank Account
12 August, 2016
Earlier this year Hong Kong banks tightened their requirements for accounts opening due to more strict international anti-fraud regulations. As a result, many applications to open new account were rejected and a high number of accounts were closed without reason.
After a flood of complaints from those having trouble opening new accounts, Hong Kong's Monetary Authority has decided to make a change and will roll out new guidelines to help HK banks better conduct the risk-based approach and provide banking services to the public.
The requirements for opening a new account should be appropriate with multiple factors. According to Sarah Kwok, head of the HKMA banking conduct department, a small company with a revenue of HK$30,000 should not be asked to answer the same questions or be required to submit the same documentation as a big group worth billions. Furthermore, the Authority would join forces with the government-led business promoter to help overseas firms gain access to Hong Kong banks, Kwok said.
Hong Kong banks are exploring smoother processes for opening bank accounts for Hong Kong and overseas companies.
This approach will certainly make Hong Kong, once again, one of the best places in the world to bank and make business.
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