Following earlier new-account rules requiring confirmation that funds originate
from lawful offshore channels, some Hong Kong banks have begun seeking
source-of-funds declarations from selected existing mainland China investment
clients. HSBC Hong Kong has told affected clients to submit an Account
Opening/Maintenance declaration via the HSBC Hong Kong app and update contact
details by Sept 12. The declaration requires confirmation that investment funds
come from lawful sources outside mainland China and notes the bank may disclose
personal data to law enforcement or regulators. The notice warns that failure to
submit by Aug 20 may result in suspension of investment services, and failure to
submit by Sept 12 could lead to termination. An HSBC spokesperson on Aug 18 said
the bank is following regulatory requirements and is asking affected mainland
investors to self-declare and confirm their KYC and client due-diligence
information is current; the requirement applies only to investment-service
clients.
