Global wealth managers are examining whether their clients in Hong Kong have ties to the city’s pro-democracy movement
), 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.
One banker at a global wealth manager that holds more than $200 billion in assets said the audit of its clients could go back as far as 2014 in some cases to gauge a client’s political stance since Hong Kong’s 2014 pro-democracy “umbrella” movement. Protesters at the time used umbrellas to shield themselves from tear gas and pepper spray deployed by police.
HSBC declined to comment specifically on the security law or any U.S. move to sanction local officials. In an emailed statement, it said, “We already have a stringent set of policies and rigorous processes in place which we apply globally.”When asked about the scrutiny after it announced its half-year results on Monday, Julius Baer CEO Philipp Rickenbacher also declined to comment, adding the bank would continue to develop its business in Hong Kong.
The rules are meant to enforce laws such as international sanctions and to prevent people from using the banking system to launder ill-gotten wealth. Both Hong Kong and Chinese officials have said the law was vital to plug holes in national security defences, rejecting criticism from governments, including the United States and the United Kingdom, that China was violating its promise to safeguard Hong Kong’s freedom for 50 years after the 1997 handover.
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Exclusive: Global banks scrutinize their Hong Kong clients for pro-democracy ties - sourcesGlobal 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.
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