LCQ1: Improving online bank account opening

Following is a question by Professor the Hon Alex Fan and a reply by the Under Secretary for Financial Services and the Treasury, Mr Joseph Chan, in the Legislative Council today (October 21): Question: It is learnt that in a number of money laundering cases in recent years, the account holders involved (including foreign domestic helpers and elderly persons) claimed that their bank accounts were opened via mobile applications without their knowledge and used as stooge accounts, where lawbreakers typically first obtain victims' identity cards and personal data, enter the information into bank mobile applications without authorisation, register and link the accounts with mobile phone numbers prepared in advance, and then deceive the victims into "taking photos" on screens lacking prompts to pass facial recognition verification. Once the accounts have been opened, the lawbreakers immediately receive one-time passwords via the linked numbers to carry out money laundering transactions. In this connection, will the Government inform this Council: (1) whether the Hong Kong Monetary Authority will require banks to clearly display the words "bank" and "account opening application" on the f

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