Regulatory Alerts2022-04-14
Added · Updated
Facilitative Measures for Reactivation of Dormant or Suspended Mainland Bank Accounts under COVID-19 Pandemic
The Hong Kong Monetary Authority issued this circular to encourage authorized institutions to implement facilitative measures assisting customers in reactivating dormant or suspended Mainland bank accounts hindered by pandemic travel restrictions. The regulator clarifies that such administrative assistance does not constitute licensing issues or the establishment of local representative offices, whether the Mainland bank is an authorized institution or not. Authorized institutions are urged to adopt flexible approaches, including financial technology solutions, to alleviate customer hardships and support the flow of funds between Hong Kong and the Mainland.
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