Regulatory Alerts2024-01-24
Added · Updated
Amendments to Implementation Arrangements for the Cross-boundary Wealth Management Connect Pilot Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area
The Hong Kong Monetary Authority issues regulatory requirements for the Southbound Scheme, allowing eligible Mainland investors to purchase wealth management products from Hong Kong banks via designated channels. The framework mandates closed-loop fund management through dedicated accounts, strict eligibility verification by partner banks, and adherence to an aggregate quota of RMB 150 billion and an individual limit of RMB 3 million. Hong Kong banks are required to conduct comprehensive product due diligence, ensure all remittances occur in RMB through the Cross-border Interbank Payment System, and maintain rigorous compliance with investor protection and anti-money laundering standards.
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