Mainland Chinese customers can continue to open bank accounts in Hong Kong, but banks must implement stricter verification processes, according to the HKMA.

Mainland customers can still open bank accounts in Hong Kong, but banks must adopt stringent new checks to ensure their processes are “compliant and orderly”, the Hong Kong Monetary Authority (HKMA) said in a statement on Saturday. “The banking industry has implemented the new regulatory requirements set out in the HKMA circular to ensure the account opening process is compliant and orderly,” the statement said. “Chinese mainland customers continue to apply for opening accounts, and in general,....