Policy tightening, what will mainland users who trade Hong Kong and US stocks do ❓

⚠️Some banks in Hong Kong 🇭🇰 region require signing a declaration to confirm the source of funds when opening investment accounts starting yesterday
Banks in Hong Kong and some of their clients have stated that since yesterday (May 26), there are new requirements for documents provided by clients when opening investment accounts through offline channels in Hong Kong, which include signing a declaration of legitimate source of funds.
An official from a foreign bank in Hong Kong said that the aforementioned new signing of related declarations indeed exists and is an adjustment made in accordance with local regulatory requirements. According to documents shown by several clients, the main content of the new cross-border disclosure declaration is that the account holder must confirm that "all funds used to support investment activities and related settlements come from legitimate sources outside mainland China," and also remind mainland Chinese residents that investment account services are only available to investors residing in Hong Kong (such as living or working in Hong Kong) and that they should ensure the legality and compliance of the source of funds.
🚨🚨Specific details and impact
Document signing requirements: The account holder must sign the "Cross-Border Disclosure Declaration (Applicable to Investment Account Opening Applications)," confirming the legality of funds and stating that the investment account service is only for investors residing in Hong Kong (such as living or working in Hong Kong).
Affected groups: Mainly targeting individual investors who use mainland Chinese ID cards and/or passports as proof of identity (including new account openings and some existing clients).
Business impact: Customers who do not sign the declaration as required may have their trading functions (such as purchasing new assets) suspended until the procedures are completed. However, the account will not be canceled, existing holdings and assets are unaffected, and usually, access can be restored within one day after completion.