Financial News
Author: Hu Xueneng
2020-08-10 17:16
Last update date: 2020-08-10 17:16The US Treasury Department recently announced sanctions against 11 Chinese and Hong Kong officials including Chief Executive Carrie Lam. "Bloomberg" reported that banks operating in Hong Kong are stepping up scrutiny of customers, and at least one U.S. bank is taking action to suspend some accounts to prevent violations of U.S. sanctions. However, banks doing so may face violations of the national security laws of the port area. risk.
"Bloomberg" quoted sources as saying that a U.S. bank is taking steps to suspend accounts related to sanctioned officials, and two large Chinese banks are also evaluating their response measures based on their risk tolerance and compliance requirements. , Indicating that it will not ignore US sanctions.
According to reports, the relevant sanctions prohibit banks from doing business with the sanctioned objects. However, if these sanctions are followed, it may conflict with the Hong Kong National Security Law. The report quoted a source as saying that if an overseas financial institution does not operate in the United States and fails to assist the sanctioned subject in transactions involving U.S. dollars, it should not be a violation of U.S. sanctions.
United States Sanctions on Hong Kong's National Security Act