HONG KONG, July 20 — 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....
Monday, 20 Jul 2020 11:20 AM MYT
The designation, called politically exposed persons, can make it more difficult or altogether prevent people from accessing banking services, depending on what the bank finds about the person’s source of wealth or financial transactions. Reuters could not learn the identities of any people who had faced enhanced scrutiny or whether the banks had decided to take any action against people identified as politically exposed.
“The relevant international standards and our guidance to the banking industry have not changed,” the city’s de facto central bank said. HSBC and Standard Chartered Plc, which have expressed support of the national security law, for example, have faced criticism from UK officials that their actions enabled Beijing to undermine the rule of law in the former British colony.
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