Role of the HKMA

The HKMA has sustained its dedicated efforts in promoting access to banking services and has been closely engaging with the business community on bank account opening and maintenance matters.  Extensive efforts have been undertaken to further assist banks in achieving effective outcomes and enhancing the customer experience in the process of bank account opening and maintenance. These include:

• Engagement with relevant stakeholders, including the business community across different sectors, to have an in-depth understanding of the situation, and to follow up on specific incidents related to the opening and maintenance of bank accounts.
• Providing practical guidance to banks from time to time, including sharing of observations noted from supervisory processes and good practices of banks.
• Maintaining close communication with the banking industry, including organising roundtable sessions to bring together banks and the business community to promote useful exchanges on issues of common interest.
• Requiring banks to enhance the transparency of account opening and CDD process by setting out clearly the information and documentation required for the CDD process, explaining the rationale for the information requested, assisting customers in taking steps or providing alternatives that can help satisfy the CDD process, and introducing review mechanisms for unsuccessful applicants.
• Requiring banks to maintain effective communication with customers. For example, providing interim updates about the progress of their applications, timely feedback of the results of their applications, and where an application is rejected, the reason for rejection as appropriate.
• Requiring banks to provide adequate training to their frontline staff to ensure consistent implementation of the relevant measures.
• Encouraging banks to launch Simple Bank Accounts(or “SBAs”) services to provide an additional option for business customers which require only basic banking services.  SBAs are a new tier of accounts derived from traditional bank accounts, with a narrower service scope compared to traditional accounts. As the risks involved in SBAs would be relatively lower, less extensive CDD measures would have to be carried out for account opening.
• Launch of a dedicated email (accountopening@hkma.gov.hk) and hotline (2878 1133) to facilitate submission of enquiries and feedback to the HKMA, which are handled by a dedicated team of the HKMA, and
• Setting up of a dedicated webpage on the HKMA’s website for providing useful tips for reference by the public. You may wish to visit the dedicated webpage of the HKMA (https://www.hkma.gov.hk/eng/smart-consumers/account-opening) which provides, among others, general information about account opening procedures, documentation and information requirements and contact details of banks in Hong Kong.
• Sharing of sector-specific practical tips to further enhance the transparency of bank account opening process.