In recent years, international efforts in combating illegal activities including money laundering, terrorist financing and tax evasion have stepped up significantly. This, coupled with various sanctions regimes, have prompted banks to enhance their anti-money laundering and counter-terrorist financing (AML/CFT) controls in general, including a more stringent customer due diligence (CDD) process for existing and new customers. Therefore, compared with five or ten years ago, the current account opening process is indeed more complex and requires longer time.
Apart from local requirements, some banks need to also comply with the requirements or standards mandated by their head offices or overseas authorities. The account opening requirements of these banks may therefore vary. If you want to open a bank account, it is worth approaching several banks to compare and select services that suit your needs. This website aims to provide some information and tips on account opening and maintenance in Hong Kong for customers' reference.
Should you have any opinions or queries about account opening, maintenance or updating account information, please contact the HKMA. Telephone: (852) 2878 1133/Email: firstname.lastname@example.org