Regulatory Alerts2025-03-21
Added · Updated
HKMA Circular on Increased Customer Limit for Southbound Scheme Services by Non-Locally Incorporated Authorized Institutions
The Hong Kong Monetary Authority has increased the customer limit for non-locally incorporated authorized institutions providing Southbound Scheme services under the Cross-boundary Wealth Management Connect from 1,000 to 3,000 customers. This revision allows eligible private banks to serve non-private banking customers through their Hong Kong branches, subject to strict referral and compliance requirements. The updated guidance supersedes the previous circular issued in May 2024 and takes immediate effect.
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