Regulatory Alerts2015-06-02
Added · Updated
NGO Fund Raising Activities
The Hong Kong Monetary Authority issued this circular to address difficulties non-governmental organizations face in opening bank accounts for fundraising. The regulator requires retail banks to conduct proper due diligence and verify government approvals while ensuring fundraising activities are legitimate. Banks are encouraged to support financial inclusion and corporate social responsibility by accommodating these bona fide operations to avoid hardship for underprivileged beneficiaries.