HONG KONG: Global wealth managers are examining whether their clients in Hong Kong have ties to the city's pro-democracy movement, in an attempt to avoid getting caught in the crosshairs of China's new national security law, according to six people with knowledge of the matter.
One banker at a global wealth manager that holds more than US$200 billion in assets said the audit of its clients could go back as far as 2014 in some cases to gauge a client's political stance since Hong Kong's 2014 pro-democracy"umbrella" movement. Protesters at the time used umbrellas to shield themselves from tear gas and pepper spray deployed by police.
HSBC declined to comment specifically on the security law or any US move to sanction local officials. In an emailed statement, it said: "We already have a stringent set of policies and rigorous processes in place which we apply globally.”In an emailed statement, the Hong Kong Monetary Authority said the financial hub implements anti-money laundering requirements"based on international standards including with regard to politically exposed persons".
The rules are meant to enforce laws such as international sanctions and to prevent people from using the banking system to launder ill-gotten wealth. HSBC and Standard Chartered, which have expressed support of the national security law, for example, have faced criticism from UK officials that their actions enabled Beijing to undermine the rule of law in the former British colony.
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