Some banks in Hong Kong started requiring customers to sign a declaration confirming the "legitimate source of funds" when opening investment accounts from yesterday.

Since yesterday (May 26th), there have been new requirements for the documents provided by customers opening investment accounts through offline channels in Hong Kong, which require a declaration of the legal source of funds to be signed. The main content of the declaration is that the account holder must confirm that "all funds used to support investment activities and related settlements come from legal sources outside mainland China." Reporters from Caixin learned from banks in Hong Kong and some of their clients that as of yesterday (May 26th), new requirements have been introduced for the documents provided by customers opening investment accounts through offline channels in banks in Hong Kong, which require the signing of a declaration of the legal source of funds. "During the account opening process, the bank staff stopped halfway and asked for the signing of additional documents before restarting the application process," an investor who opened an account at a Chinese bank in Hong Kong yesterday told a Caixin reporter. It is reported that the new document to be signed is the "Cross-Border Disclosure Declaration (Application for Investment Opening Business)." A person from a foreign bank in Hong Kong confirmed to Caixin reporters that the situation of signing the aforementioned new declaration does exist, and it is an adjustment made according to local regulatory requirements. According to documents shown by several clients, the main content of the newly signed Cross-Border Disclosure Declaration is that the account holder must confirm that "all funds used to support investment activities and related settlements come from legal sources outside mainland China," and Chinese mainland residents should note that investment account services are only available to investors in Hong Kong (such as those living or working in Hong Kong) and should ensure the legality and compliance of the source of funds. The document also states that in order to comply with the relevant regulatory requirements in Hong Kong, the bank may require customers to provide relevant proof documents, and if unable to provide them, they may refuse to provide the services, and services that have already been opened may be terminated. "In response to the latest regulatory requirements from the regulatory authorities, mainland investors who opened investment accounts from May 23 to May 25, 2026 (individual investors who used ID cards and/or passports issued by the People's Republic of China as identification documents), need to sign the new version of the cross-border declaration," the official customer service of the aforementioned Chinese bank also confirmed to Caixin reporters. Regarding the document signing process for existing and new customers, customer service staff from the Chinese bank stated that account holders can visit any branch to sign the documents in person, or confirm via email. Once the signing process is completed, the trading function will be restored within 1 day. If the signing is not completed, the investment trading function will be suspended. The account will not be cancelled, and existing holdings and assets will not be affected, only new buy transactions cannot be conducted temporarily. Caixin reporters contacted several foreign banks in Hong Kong and the aforementioned Chinese bank for official interviews regarding the above situation, but had not received a formal response at the time of publication.