Foreign Media: The Hong Kong Monetary Authority (HKMA) stated that, despite the implementation of stricter new regulations, mainland Chinese residents can still continue to open bank accounts in Hong Kong; however, banks must adopt more rigorous review measures to ensure the account opening process is "compliant and orderly."
Last month, three brokers—Tiger Brokers, Futu International, and Changqiao Securities—were fined over $330 million in total for providing overseas stock access to mainland investors without proper licenses. In response, the Securities and Futures Commission (SFC) required licensed brokers to conduct internal audits, while the HKMA mandated that mainland clients opening investment accounts must declare that their funds originate from outside mainland China.
Original source: toutiao.com/article/1867318043082762/
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