Regulatory Alerts2025-04-14
Added · Updated
Handling of Cash at Bank of Deceased Account Holders
The Hong Kong Monetary Authority supports a new practice enabling banks to release deceased account holders' cash to probate grantees without requiring grant amendments for minor balance variations. Under this framework, banks may release funds based on actual balances if deviations remain within specific thresholds, defined as the higher of $10,000 or 110% for estates under $1 million, and the lower of $200,000 or 10% for larger estates. This initiative aims to reduce administrative burdens and accelerate the distribution of estate funds to beneficiaries who may need timely access to financial resources.
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