Hong Kong Monetary Authority says it’s implemented new bank rules for opening accounts

Published Sat, Jun 6, 2026 · 04:04 PM

[HONG KONG] Hong Kong has implemented guidelines for banks similar to the new regulatory requirements for brokers on managing mainland Chinese customers’ accounts, the Hong Kong Monetary Authority (HKMA) said.

The rules ensure the account-opening process is “compliant and orderly”, and it has been operating smoothly for mainland China customers as they continue to file applications, the authority said in a statement on Saturday (Jun 6).

The increased scrutiny of mainland Chinese bank clients is part of a broader push by Beijing to stem capital flight in an unprecedented crackdown on illegal cross-border trading. China residents’ capital outflows reached an estimated record of US$807 billion last year, according to data from the Institute of International Finance.

The China Securities Regulatory Commission recently imposed more than US$330 million in combined penalties on three major online brokerages for providing offshore trading services to mainland clients without proper regulatory approval. Regulators also ordered all non-compliant existing retail accounts to be liquidated within a two-year wind-down period.

HKMA said in Saturday’s statement that regulators have been maintaining close contact with mainland China counterparts. The new measures will enhance Hong Kong’s advantages as an international financial centre, according to the Hong Kong authority.

The city’s de facto central bank issued a five-page circular last month on requiring banks to shut down investment accounts that were opened using “questionable or forged documents” and to obtain written declarations from mainland China investors, among other requirements.

SEE ALSO

The measures have raised concerns for lenders and insurance companies in the city. Shares of HSBC, AIA Group and Asia-exposed financial stocks fell earlier this week as the market saw the clampdown as hurting the firms’ businesses. BLOOMBERG