Regulatory Alerts2019-06-14
Added · Updated
Observations of Mystery Shopping Programme in respect of Account Opening by Authorized Institutions in Hong Kong Annex 2
The Hong Kong Monetary Authority issued this report detailing the findings of a mystery shopping programme conducted across 20 authorized institutions to assess the account opening processes for ethnic minority customers. The exercise revealed that while most interactions were positive, significant gaps existed in staff training regarding document rationale, alternative solutions for due diligence, and adherence to fair treatment principles. Consequently, the regulator mandates that institutions enhance channel responsiveness, ensure transparent explanation of requirements, and strictly prohibit linking account eligibility to wealth management purchases or nationality.