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Market Chatter: HKMA Implements Mainland Client Account Guidelines for Banks

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The Hong Kong Monetary Authority said banks have implemented guidelines similar to new regulatory requirements imposed on brokers for managing accounts held by mainland Chinese customers, Bloomberg News reported.

The measures are intended to ensure the account-opening process remains compliant and orderly, according to the report, adding that applications from mainland customers continue to be processed smoothly.

The move comes as Beijing steps up efforts to curb illicit cross-border capital flows and tighten oversight of overseas financial activities by mainland residents, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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