Starting yesterday, some banks in Hong Kong require applicants to sign a declaration confirming the source of funds when opening investment accounts.

CoinFeed reported on May 27 that, according to a report by Cailian Press, Cailian Press reporters learned from Hong Kong banks and some of their clients that, starting yesterday (May 26), new requirements have been introduced for the documents provided by clients opening investment accounts offline through Hong Kong banks. A declaration of the legal source of funds is now required. A source from a foreign bank in Hong Kong confirmed to Cailian Press that the aforementioned new declaration requirement does exist and is an adjustment made in accordance with local regulatory requirements. According to documents shown by several clients, the main content of the newly added cross-border disclosure declaration is that the person opening the investment account must confirm that "all funds used to support investment activities and related settlements come from legal sources outside mainland China"; and mainland Chinese residents are required to note that the investment account service is only applicable to investors residing in Hong Kong (e.g., those living or working in Hong Kong) and must ensure that the source of funds is legal and compliant.