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Hong Kong SFC Enhances Measures to Combat Document Forgery and Money Laundering Risks While Raising Account Opening Standards

AirdropBlackHole
On May 22, the Hong Kong Securities and Futures Commission (SFC) issued a circular outlining the monitoring measures to be implemented when opening accounts and maintaining client relationships. This circular was issued following the SFC's review of the account opening practices of 12 securities brokerage firms. The review identified several significant deficiencies, including inadequate due diligence on account opening documents, acceptance of suspicious or forged documents during the account opening process, and weaknesses in managing cross-border agency relationships with overseas intermediaries. The SFC expressed deep concern over the potential misuse of client accounts for suspicious or illegal transactions, which could exacerbate money laundering and terrorist financing risks. The SFC requires all licensed corporations to conduct internal checks as soon as practicable to detect whether any suspicious or forged documents have been accepted for account opening. The SFC also outlined additional measures for licensed corporations when opening and managing accounts for mainland investors. These additional measures include closing investment accounts opened with suspicious or forged documents, closing inactive investment accounts with zero balances, and requiring a written declaration from investors when opening new investment accounts, stipulating that settlements and fund withdrawals must only be conducted through bank accounts held in the investor's name at qualified banks.
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