Hong Kong securities association chief questions proposed broker bank-account restrictions

According to Orange News, Hong Kong Securities and Futures Professionals Association Chairman Chan Chi-wah criticized proposed pre-registration rules for broker client bank accounts, arguing that virtual asset-style pre-approval requirements should not be applied to traditional securities trading. He said the conventional securities market already uses same-name account checks and called for a risk-based anti-money laundering approach centered on beneficial ownership, suspicious transaction monitoring, and the use of big data and AI.

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