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Bank Account Opening and KYC Requirements in Hong Kong: Customer Experience vs. Compliance
MultimediaPresenter(s):
Opening a bank account in Hong Kong is not just about meeting the requirements; it’s about balancing compliance with an enhanced customer experience. As financial institutions face increasing regulatory scrutiny, understanding the intricacies of Know Your Client (KYC) and Client Due Diligence (CDD) has become crucial for businesses and individuals alike.
In this webinar, Business Advisory Manager Gigi Wong and International Business Advisory Manager Radomir Tomovic will delve into the complexities of Hong Kong’s bank account opening and KYC requirements. The session will explore the regulatory framework in detail and discuss how businesses can navigate compliance challenges while enhancing their banking experience. Key topics include minimum and enhanced due diligence, cross-border KYC considerations, and the pros and cons of traditional versus virtual banking options, all backed by insights from DSA’s practice.
Key Points:
- Regulatory Framework
- Know Your Client (KYC) Risk Assessment – Focus on Risk-Based Approach and Business Substance
- Client Due Diligence (CDD) – Minimum Requirements Affecting All Applicants
- Enhanced Due Diligence (EDD) – Advanced Requirements Affecting High-Risk Applicants
- Periodic CDD/KYC Reviews – Overview of Potential Scenarios
- Customer Experience vs. Compliance
- Key Challenges for Banks to Enhance Customer Experience and Adhere To Strict KYC Regulations
- Understanding Business Proof – Seen from Customer and Banks Perspective
- Newly Incorporated Businesses
- Existing Businesses
- Cross-Border KYC Challenges – Exploring How Unified KYC Frameworks Are for Cross-Border Transactions
- Insights From DSA Practice
- Importance of Adequate Line of Business
- Customer Track Record
- Defining Expected Business Activities
- Traditional vs. Virtual Banks – Options Available with Pros and Cons
This webinar is free to attend.
For questions or inquiries, please contact Shanshan Liu, at shanshan.liu@dezshira.com
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