According to Orange News, Chan Chi-wah said virtual asset-style bank account pre-approval rules should not be extended to traditional securities and urged a risk-based AML framework instead.
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.