Hong Kong Widens Security Supervision With Request to Banks
- Banks obliged to report suspected offenses under security law
- Terms published on Hong Kong Monetary Authority website
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Hong Kong banks will be obliged to report disclosures on clients suspected of violating the national security law imposed on the financial hub by Chinese authorities last year that has led to more than a hundred arrests and key civil society groups to disband.
The new directives were updated on Oct. 22 in a document developed by The Hong Kong Association of Banks with “input” from The Hong Kong Monetary Authority.