Home / World News / Global banks scrutinise Hong Kong clients for pro-democracy ties: Report

Global banks scrutinise Hong Kong clients for pro-democracy ties: Report

Checks at some wealth managers have involved combing through comments made by clients and their associates in public and in media, reports Reuters

Premium

(L-R) Pan-democratic legislator Eddie Chu Hoi-dick, Vice convener for Hong Kong's Civil Human Rights Front Figo Chan, and activist Leung Kwok-hung, also known as "Long Hair", march at the anniversary of Hong Kong's handover to China from Britain.

Reuters Hong Kong

5 min read Last Updated : Jul 20 2020 | 10:14 AM IST

Global wealth managers are examining whether their clients in Hong Kong have ties to the city's pro-democracy movement, in an attempt to avoid getting caught in the crosshairs of China's new national security law, according to six people with knowledge of the matter.

Bankers at Credit Suisse Group AG, HSBC Holdings Plc, Julius Baer Gruppe AG and UBS Group AG, among others, are broadening scrutiny under their programs that screen clients for political and government ties and subjecting them to additional diligence requirements, these people said.

The designation, called politically exposed persons, can make it more difficult or altogether prevent

Topics : Hong Kong Hong Kong pro-democracy protests China

What you get on BS Premium?

Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
Pick your 5 favourite companies, get a daily email with all news updates on them.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Preferential invites to Business Standard events.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.

VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in