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Hong Kong banks to disclose related property of clients who breach security law -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A view of Two International Finance Centres (IFC), HSBC Headquarters and Bank of China, Hong Kong, China on July 13, 2021. REUTERS/Tyrone Siu

By Kane Wu

HONG KONG (Reuters), HK banks are advised to release related property to clients that are in breach of Hong Kong’s National Security Law, as per the most recent guidelines of its banking association.

This advice was included in the Oct. 22 Update of the Hong Kong Association of Banks (HKAB). It was available on the Hong Kong Monetary Authority’s website (HKMA) and addresses frequently asked questions related to counter-money laundering.

According to the clause, banks must disclose any property that clients have been charged or arrested for in relation to national security.

Reuters reached out to HKMA, HKAB but they did not respond immediately.

China has imposed Hong Kong’s national security legislation on June 30th last year. Anything Beijing considers subversion, terrorism, or colluding to foreign forces is punishable with up to life imprisonment

The bank association also added five more clauses in the FAQs about counter-money laundering, anti-money laundering, and counterfinancing terror three months later. This advised banks on their reporting requirements, how to handle requests from law enforcement, and the guidelines for group-wide information sharing.

Transactions linked to law are to be treated as money laundering transactions or funding terrorism according to their clauses.

These FAQs do not constitute official guidance, but they apply to Hong Kong as well as international banks.

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