Hong Kong – HKMA Updates Account Opening Requirements Following SFC’s Changes

Following the changes introduced by the SFC to the account opening requirements set out in paragraph 5.1 in the Code of Conduct (see our previous blog here), the HKMA issued a short piece of related guidance which gives welcome clarity to Registered Institutions (RIs) and will help to ensure a good customer experience. The guidance states that where an RI has established the true and full identity of a client when opening a bank account (irrespective of using face-to-face approach or non-face-