On May 30, 2025, the Securities and Futures Commission (SFC) issued a circular updating acceptable non-face-to-face (NFTF) client onboarding approaches for intermediaries, emphasizing the importance of digitalization in their operations. The circular highlights the use of certification services recognized under the Electronic Transactions Ordinance for identity verification, allowing remote onboarding of overseas investors with ICAO-compliant ePassports. Additionally, the iAM Smart platform, introduced by the HKSAR Government, is now officially accepted for client identity verification, providing a reliable digital identity for Hong Kong residents. The SFC encourages intermediaries to participate in the iAM Smart Sandbox Programme to facilitate adoption and testing. Furthermore, the SFC updated the list of eligible jurisdictions for remote onboarding, adding 15 new jurisdictions while reminding intermediaries to comply with domestic regulations and implement robust cybersecurity measures. The SFC remains committed to evolving technology solutions for effective client verification.
Resources: https://apps.sfc.hk/edistributionWeb/gateway/EN/circular/intermediaries/supervision/doc?refNo=25EC31
