Mainlanders can still open bank accounts in Hong Kong despite new rules: HKMA

Mainland Chinese customers can still open bank accounts in Hong Kong, according to a statement from the Hong Kong Monetary Authority (HKMA) on Saturday. The HKMA clarified that banks are now required to implement stringent new checks to ensure account opening processes are "compliant and orderly." This comes as financial institutions in Hong Kong have been tightening policies, leading to some mainland residents reportedly having their account opening applications rejected. These changes are part of China's broader effort to curb illicit cross-border investment. The HKMA stated that the banking industry has implemented the new regulatory requirements and that the account opening process for mainland customers has generally been operating smoothly.