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24 Oct 2021

Clients in Breach of Law Could Have Property Disclosed by Hong Kong Banks

The Index Today

Clients in breach of Hong Kong’s national security law will now have their property disclosed by banks according to updated guidelines issued by the banking association in the region.

The Hong Kong Association of Banks HKAB released the new guidelines on its FAQ’s as it moves ahead to support anti-money laundering and terrorism financing laws. These were published on the official website of the Hong Kong Monetary Authority HKMA.

Banks are now required to disclose all property documents of clients who have been charged with property related offense, threat to national security, and more. China introduced its national security legislation last year which could put any person charged with terrorism behind bars for life. Banks are obligated to report any client offenses under the new guidelines. Any transactions which are suspected to be linked to money laundering or terrorism will be obtained by officials. These guidelines are applicable on all Honk Kong banks as well as international banks.

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