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China – Bank Accounts Allowed To Be Opened Online, Says Report.

22 May, 2015

 

Legal News & Analysis – Asia Pacific – China – Banking & Finance

 

China’s central bank will change its rules to allow bank customers to open accounts online without visiting a bank branch, China News said. 

 

Quoting newspaper Southern Metropolis Daily, China News said that a draft circular issued by the bank described the change in policy.

 

The circular said banks must still check an account holder’s identity, to prevent corruption, fraud and money laundering, China News said. Opening accounts at a bank branch would still be preferable, it said, and the service will not be open to non-residents, or Chinese citizens living abroad, it said.

 

The circular urges banks to adopt modern and safe technology, China News said.

 

A “person in charge of electronic banking in Guangzhou” told China News that they did not believe the central bank would allow the full opening of accounts online, because of the risks involved, the report said.

 

Pinsent Masons

 

For further information, please contact:

 

Tony Anderson, Partner, Pinsent Masons

tony.anderson@pinsentmasons.com

 

Stephen Woods, Director, Pinsent Masons

stephen.woods@pinsentmasons.com

 

Homegrown Banking & Finance Law Firms in China 

 

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