TechFlow news: On May 27, according to Caixin Global, banks in Hong Kong and some of their clients reported that, starting May 26, certain Hong Kong banks have introduced a new requirement for customers opening investment accounts offline: customers must sign a “Declaration of Lawful Source of Funds,” confirming that all funds used for investment activities and related settlements originate from lawful sources outside mainland China. The report states that the newly added document is titled the “Cross-Border Disclosure Statement (Applicable to Investment Account Opening Applications),” and this adjustment aligns with local regulatory requirements. Mainland Chinese investors who opened accounts between May 23 and May 25 are also required to sign the updated declaration retroactively; until they complete this supplementary signing, their accounts’ buy transaction functionality will be suspended, though existing holdings and assets remain unaffected.
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