According to Yicai, Futu and Longbridge are closing falsely opened and empty accounts, while Futu added identity updates and some Hong Kong banks now require source-of-funds declarations for investment accounts.
According to Yicai on May 28, Futu and Longbridge have closed accounts opened with false documents as well as empty accounts with no assets or positions. Futu also added an identity information update entry in its app and said users with compliant offshore identification can continue using trading and fund access functions without changes. The report also said some Hong Kong banks have begun requiring source-of-funds declarations for investment accounts, pointing to broader tightening in account verification and compliance checks.