Regulatory Alerts2010-01-28
Added · Updated
Account Opening for Ethnic Minorities
The Hong Kong Monetary Authority issued this circular to address reports that ethnic minorities faced difficulties opening bank accounts due to anti-money laundering requirements. The regulator clarified that while extra care is justified for high-risk jurisdictions, banks must not automatically refuse business or classify customers as high risk, but must instead adopt a balanced approach. Authorized institutions are required to review their policies to ensure compliance with the Race Discrimination Ordinance and the Code of Banking Practice, provide staff training, and handle related complaints promptly.