Bank Accounts

The Hong Kong Monetary Authority (HKMA) has issued a circular to authorised institutions (AIs) on 18 November 2021 as a guideline to AIs’ handling of dormant accounts and unclaimed deposits. Based on their business and operational needs, AIs are expected to take a risk-based and proportionate approach in handling dormant accounts by taking the quantitative thresholds such as length of dormancy (say 10 years or more), age of the account holder (say 90 years or more), the amount left unclaimed (say HK$10,000 or more). In this respect, the HKMA expects AIs to adopt the following measures to enhance the handling of dormant accounts so as to protect the interests of the owners or...

The Senior Manager at Business Banking Segment Management team in Bank of China (Hong Kong) and the Associate Partner of Entity Compliance & Governance of Law at Ernst & Young spoke about bank account opening requirements, practice and challenges nowadays at The Hong Kong Chartered Corporate Governance Institute on 15 March 2022. Bank Account Opening Challenges Nowadays 1. Banks in general do not welcome paper presence. Thus, it is crucial to provide the bank with sufficient documentation to validate the business presence in Hong Kong. 2. Company carrying out business in industries regarded as high risk by banks may make it difficult to open a bank account (e.g., virtual...

Seychelles company formation with bank account is one of the rising popular options among various foreign investors. The island is located off the eastern coast of Africa in the Indian Ocean and the jurisdiction of Seychelles is often associated and commonly known to be popular tourist destinations, with its main economic activities revolving around tourism and fishing. In an effort to transit itself into a financial services hub, Seychelles maintained a pro-business stance and passed the Seychelles Investment Act which makes foreign investors who wish to incorporate in Seychelles possible but restrictions are placed upon industries that are active with local businesses such as taxi or...

Deciding on which country would be the most suitable for corporate bank account opening is imperative for your business. How to choose the best jurisdiction with an offshore bank account? To choose the best jurisdiction to set up an offshore business account, the following factors must be kept in mind: 1. Privacy and Security An offshore bank account is supposed to provide privacy and security for the business. This is guaranteed by the government regulations and the banking policies which guarantee greater confidentiality by not making information about the company public and also provides security for the assets held by the company in the offshore business account. 2. ...

Bank of Asia (BOA) has been established in the British Virgin Islands (BVI) to address the need of BVI and other offshore companies in getting bank accounts opened and other banking needs satisfied. It facilitates the growing offshore banking needs of a large, underserved universe of Chinese and other Asian high net worth individuals and their related offshore business companies. As a platform, BOA is free from legacy constraints and is focus on a simple set of products differentiated through quality of service and rolled out using best of breed technology. Client service, efficiency and user-friendly technology are core to BOA’s strategy for customer acquisition and...

ABC Banking Corporation Limited is a Mauritius bank which obtains its banking license since 2010. It currently offers a wide range of products and services including current accounts, saving accounts, term deposits, card services, leasing, housing loans & personal loans, term loans and revolving credit as well as trade finance services such as bank guarantee, letter of credit, import & export loans, collection document for import & export. The bank has been providing international banking services to international businessmen and high net-worth international clientele. The international banking team consists of professional, dedicated and highly experienced staff who provide...

Swiss banks managed almost a quarter of the world’s private wealth remain as a center of international banking. The sophisticated service offered by Swiss bank remains as the first class banking services. Due to the changing banking landscape as profiled by the international organization OECD and FATF, account opening is complex nowadays. Opening an account without a personal introduction and professional assistance is very challenging. Here are some key notes for your company's Swiss account opening that you should attend to: 1. Documents of Swiss Bank for a Trading Company Account Opening : i. Copies of corporate documents. ii. Copies of passports and CVs of all...

The CEO of Capital Security Bank in the Cook Islands shares his opinion on account opening in 'China Offshore' as below: Entrepreneurs spend much effort in selecting the right banking partner. Their consideration includes the offshore jurisdiction, its legal framework from asset protection, privacy,*strength of regulator, financial standing of the selected bank such as history, management, financial status and products provided by bank, the banking procedure including but not limited to speed of account opening and disclosure. When considering to start a banking relationship, bank is interested in the following: 1. Source of wealth The key area in assessing new banking...

With motto of Change the Way People Bank, Bank of Asia in British Virgin Islands has launched its new logo in February 2021 marked a new period of growth for the institution. The bank has been granted a General Banking License since 2016, being the last banking license issued by the BVI government, With the banking license, Bank of Asia is able to offer services to both BVI business community and global clients. The bank has tapped into services and products beyond the traditional core banking services to raise the profile of the BVI in the global financial services market. The Bank is looking to bring its financial products and banking services to the local market. All-in-one...

Banks in Hong Kong have followed strictly with the guidelines issued by FATF and OECD’s to combat money laundering and terrorist financing and tax evasion. In this regards, it isn’t easy to open offshore account in Hong Kong without substance. Like all of the banks in the world, banks in Hong Kong review the customers’ accounts regularly. Once an account is identified not operating in line with its Anti-Money Laundering (AML) guideline, it will be closed as an administrative protocol. Account will be closed when the following happens: 1. Deposit large amounts of cash. Different bank has different internal guideline for maximum amount of single deposit. i. ...

The first cross-border digital bank which accepts clients from multi-jurisdictions after KYC checks is officially launched on the reception night of the BVI Asia Conference – Roadshow Hong Kong organized by BVI Finance on 5 June 2018. The theme of the Conference was “Asia's International Partner in the Digital Era”. The launch of this BVI licensed bank is to provide a practical solution for companies or SMEs to secure banking services via innovative technology aiming to simplify customers experience than the traditional onshore banks. Its motto are “Smarter Technology, Easier Banking”, “Changing the Way People Bank”. It will deliver more...

To comply with local Anti-Money Laundering legislation, bank, financial institution, legal practice and corporate / professional service practice in the globe sometimes ask you to provide certified true copies of your identity and address proof or your corporate documents at company incorporation stage, account opening or annual customer update. Who are the most commonly acceptable certifiers? Below capacity/organization in FATF countries are usually regarded as acceptable certifiers: 1. A bank manager who is eligible to certify documents for the bank 2. A Notary Public 3. A law firm registered with the Law Society of the country 4. A practicing...