Sep 22 2016
Banks around the world tightened requirement for new bank account openings earlier this year as a result of intense pressure from regulators particularly from the perspective of anti-money laundering and terrorist financing.
After a flood of complaints from business owners and small and medium entities that were affected the most, Hong Kong’s Monetary Authority decided to take action and announces that it will roll out new guidelines to make Hong Kong, once again, one of the easiest and best places to bank. The guidelines should include simplified account opening procedure for foreigns, foreign business, and startups.
The requirements for a new bank account in Hong Kong should be appropriate with multiple factors and a small company should not be required to submit the same documentation as a big company with high revenue.
This approach will certainly strengthen Hong Kong as a world’s financial centre and will boost the SME business in Hong Kong.