One banker at a global wealth manager that holds more than US$200 billion in assets said the audit of its clients could go back as far as 2014 in some cases to gauge a client’s political stance since Hong Kong’s 2014 pro-democracy “umbrella” movement. Protesters at the time used umbrellas to shield themselves from tear gas and pepper spray deployed by police. China’s foreign ministry, the Liaison Office in Hong Kong and the State Council’s Hong Kong and Macau Affairs Office did not respond to requests for comment. Global banks have long examined the backgrounds of their clients, including screening them for political ties, to satisfy regulatory requirements. Politicians, government officials and senior executives at state-owned enterprises, as well as their family members, are typically considered politically exposed persons.

Source: The Standard July 20, 2020 03:33 UTC