PANews reported on May 27 that, according to CLS (China Lianhe Securities), CLS reporters learned from Hong Kong banks and some of their clients that, starting yesterday (May 26), there are new requirements for the documents provided by clients when opening investment accounts offline through Hong Kong banks. A statement declaring the legal source of funds is now required.

A source from a foreign bank in Hong Kong confirmed to a reporter from Caijing.com that the aforementioned newly signed declarations do exist and are adjustments made in accordance with local regulatory requirements. According to documents shown by several clients, the main content of the newly signed cross-border disclosure declaration is that the person opening the investment account must confirm that "all funds used to support investment activities and related settlements are from legal sources outside mainland China"; and mainland Chinese residents are required to note that the investment account service is only applicable to investors residing in Hong Kong (e.g., those living or working in Hong Kong) and must ensure that the source of funds is legal and compliant.