HSBC exploring smoother process for opening company accounts in Hong Kong
HSBC is to set up special units to streamline and improve the vetting process for opening company accounts, particularly for SMEs, in Hong Kong, following complaints of difficulties due to tightening international anti-fraud regulations. Reports of accounts being closed and applications to open business accounts rejected at the first attempt has prompted the Hong Kong Monetary Authority to consider issuing guidelines. Banks face large fines for not adhering to the relevant compliance checks.
Banks urged to act after new international laws targeting fraud lead to accounts misery for city business groups and investigation by watchdog