What are Third-Party Deposits?
Third-party deposits originate from or are drawn upon an account at a financial institution titled in a name other than that of the receiving IBHK account holder(s).
Does IBHK accept Third-Party Deposits?
IBHK does not generally accept third-party deposits, as those are highly susceptible to acts of fraud and money laundering.
Does IBHK Ever Make an Exception and Accept a Third-Party Deposit?
Per regulatory guidance, IBHK only accepts third-party deposits in very rare situations. Exceptions are made only after carefully considering the reason(s) for the third-party deposit and a thorough review of the required documents to support the third-party deposit. The most frequent exceptions arise from situations such as:
A deposit from a joint account where the IBHK client is one of the joint account holders.
A deposit from a spouse or other direct family members.
What Information is Required by IBHK to Approve a Third-Party Deposit?
At a minimum, the client must provide the following:
Identity proof of the third party
Relationship proof with the third party
An explanation for making the third-party deposit
Additional information, including an explanation of the source of funds and background financial information, may be requested by Compliance during the deposit review.
IBHK reserves the right to reject any third-party deposit. You are strongly discouraged from making third-party deposits to minimize any inconvenience and prevent delays in processing your deposit into your IBHK account.
According to the Hong Kong Securities and Futures Commission, fund transfers to or from a bank account jointly owned by a client are third-party payments.