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Hong Kong banks to disclose related property of clients who breach security law

Hong Kong banks to disclose related property of clients who breach security law

10/24/2021 9:20:00 AM

Hong Kong banks to disclose related property of clients who breach security law

Banks in Hong Kong are advised to disclose related property of clients who are found in breach of the city's national security law, according to the latest guidelines from its banking association.

Banks should disclose property held by any client who is arrested or charged for an offence endangering national security or when they have knowledge or suspicion that a property is "offence related property" after receiving information from law enforcement agencies, per the clause.

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HKMA and the HKAB did not immediately respond to a Reuters request for comment.China imposed national security legislation in Hong Kong on June 30 last year, making anything Beijing regards as subversion, secession, terrorism or colluding with foreign forces punishable by up to life in prison.

Three months later, the banking association added five clauses to the FAQs regarding anti-money laundering and counter-financing terrorism, advising banks of their reporting requirements under the law, how they should handle law enforcement requests and guidelines regarding group-wide information sharing. headtopics.com

Transactions suspected to be linked to the law should be treated the same as transactions suspected to be money laundering or financing terrorism, according to the clauses at the time.The FAQs are not official guidelines but apply to both Hong Kong and international banks.

Reporting by Kane Wu; Editing by Kim CoghillOur Standards:More from ReutersSign up for our newsletterSubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox. Read more: Reuters Top News »

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