Starting January 2023, all old accounts must be thoroughly checked—zero-balance dormant accounts won’t be spared either, and the regulatory scrutiny is so alarmingly granular that it’s downright frightening.

The Hong Kong Monetary Authority responded by stating that on May 22, it issued additional regulatory requirements to all recognized institutions, proposing three measures for mainland China investment accounts: First, closing accounts opened with suspicious or forged documents (from January 2023 or during the instructed period); second, closing mainland China investment accounts with zero balances and no activity within 12 months; third, new accounts must obtain a written declaration confirming that the funds come from legitimate sources outside mainland China. The measures apply only to individual investment accounts, not to corporate/institutional clients, and do not involve non-investment function accounts.