A spokesperson for the Hong Kong Monetary Authority (HKMA) issued a statement on June 6, saying Mainland clients can still normally apply to open bank accounts in Hong Kong, and overall, the account-opening process is running smoothly. According to the HKMA regulatory circular published on May 22, when Mainland residents open new bank investment accounts in Hong Kong, they must make a written declaration confirming that all funds used for investment and settlement are from legitimate sources outside Mainland China.
Specific requirements in the May 22 regulatory circular
The HKMA’s main requirements set out in the regulatory circular dated May 22, 2026 are as follows：
Written declaration: When Mainland residents open new investment accounts, they must make a written declaration confirming that all funds come from legitimate sources outside Mainland China
Historical record checks: All registered institutions must, within three months after the issuance of the circular, complete a comprehensive review of account-opening records since January 2023
Focus of review: Focus on filtering accounts opened using suspicious or forged identity documents
HKMA’s explanation of lawful cross-border investment channels
The HKMA spokesperson further noted that Mainland residents can allocate assets and invest in eligible wealth management products in Hong Kong through the following lawful channels: Wealth Management Connect; investing via Mainland brokers using “Shanghai-Hong Kong Stock Connect”; investing via Mainland brokers using “Shenzhen-Hong Kong Stock Connect”. The HKMA also said that Hong Kong’s regulatory authorities have maintained close and ongoing communication with Mainland regulators.
Common questions
Does the HKMA’s latest statement mean that Mainland clients’ account openings in Hong Kong are unaffected?
Based on the HKMA’s June 6, 2026 statement, Mainland clients can still normally apply to open bank accounts in Hong Kong, and the overall account-opening process is running smoothly. However, it should be noted that the new regulatory requirements have been implemented as of June 6: Mainland residents opening new investment accounts are required to make a written declaration confirming the source of funds.
When does the three-month review period under the May 22 circular end?
The HKMA issued the May 22 regulatory circular, requiring all registered institutions to complete comprehensive checks of account-opening records since January 2023 within three months after the circular is issued. Based on this, the deadline is estimated to be around August 22, 2026.
What are Wealth Management Connect, Shanghai-Hong Kong Stock Connect, and Shenzhen-Hong Kong Stock Connect?
Wealth Management Connect is a channel for residents of the Guangdong–Hong Kong–Macao Greater Bay Area to make cross-border investments in eligible wealth management products; Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are cross-border trading mechanisms that connect the stock markets in Shanghai and Shenzhen with Hong Kong, respectively, allowing investors in both places to buy and sell stocks in the other market through local brokers. All three are lawful cross-border investment channels confirmed by the HKMA.
