Our service: Opening bank account(s) in Hong Kong

Due to the AML measure, investors are advised to have advance planning before setting up a Bank Account in Hong Kong. Preparation of identity documentation, as well as support for trade/business transaction, are needed.

Timing: It usually takes 4 – 6 weeks to set up a general business bank account, while premium bank accounts or express accounts are also available in a much shorter period if notarised documents can be provided.

Anti-Money-Laundry (AML) / Counter-Financing-for-Terrorism (CFT) measures in Hong Kong:

Hong Kong’s AML/CFT regime involves various government bureaux and departments, law enforcement agencies and financial regulators. Moreover, Hong Kong is member of international AML/CFT standard setting bodies such as Financial Action Task Force

Hong Kong’s primary anti-money laundering laws are found in:

• Organised and Serious Crimes Ordinance (Cap. 455)(OSCO);
• Drug Trafficking (Recovery of Proceeds) Ordinance (Cap. 405)(DTROPO);
• Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (Cap. 615) (AMLO); and
• United Nations (Anti-Terrorism Measures) Ordinance (Cap. 575) (UNATMO).

OSCO, DTROPO and UNATMO criminalise money laundering. AMLO imposes requirements on financial institutions and other regulated institutions around customer due diligence and record-keeping.

For details: https://www.sfc.hk/web/EN/rules-and-standards/anti-money-laundering-and-counter-terrorist-financing/