Regulatory Alerts2019-06-14
Added · Updated
Observations of Mystery Shopping Programme in respect of Account Opening by Authorized Institutions in Hong Kong
The Hong Kong Monetary Authority issued this letter to highlight findings from a mystery shopping programme assessing the account opening processes of 20 authorized institutions for SME and ethnic minority customers. The regulator requires banks to ensure customer due diligence measures are pragmatic, accept reliable electronic identification documents, and avoid linking account approval to the purchase of wealth management products. Authorized institutions must enhance staff training on review mechanisms and adjust policies to prevent disproportionate risk-based requirements while maintaining transparency during application rejections.