In recent years, as the national anti-money laundering and CRS have become stricter and stricter, many offshore accounts have been suspended and closed. Many offshore accounts of businessmen who do foreign trade in China have also been affected. 

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It is expected that more than 

10,000 accounts will be closed

Recently, it was reported that due to the illegal operation of a large number of Hang Seng Bank accounts, the Senior Superintendent of Hong Kong has been involved in the investigation and will thoroughly check the non-compliant accounts and information.

© Image | GOOGLE

 

Therefore, a large number of Hang Seng Bank account holders will receive a Hang Seng Bank survey or check letter, and may also notify the company of the request to replace the annual audit information by email.

Under this circumstance, enterprises need to check the e-mail regularly. Once they receive such mail, please prepare the information in advance and actively cooperate with the bank’s strict review to avoid bank accounts being shut down.

The bank has disclosed that at the end of December this year, it is expected that more than 10,000 accounts will be closed. Because no one can predict whether their account will be closed, HACOS warmly reminds you that please carefully maintain your bank accounts and prepare emergency plans in advance.

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In addition, in order to avoid the impact of the temporary closure of the account and affect the development of your company, it is recommended that companies can consider opening another bank accounts to ensure the finance transactions of the international trade.

Six Steps to Maintain the Account

 (suitable for all banks)

• Please log in to online banking frequently (at least 1-2 times a month)

• There are multiple transactions within three months (at least 3-5 times)

• Always keep accounts with 50,000 HKD or more deposits

• Don’t make the fund in and out quickly (for example: 100,000 yuan in the account and transfer on the same day or the next day).

• Do not help others to collect or settle foreign exchange

• Be careful not to receive payment from sensitive countries

Note

When the bank monitors the account, it will focus on 

• Whether the account has large funds in and out, 

• Whether the fund in the accounts is in and out quickly, 

• Whether there is any money exchange with the countries with high rates of money laundering.