Banks in Hong Kong often ask for audit reports because they provide an independent picture of a company’s financial position, business activity, and transaction pattern. This helps the bank verify that the company is genuine, understand its source of funds, and carry out ongoing compliance review. That connection is a practical inference from HKMA’s focus on source of wealth / source of funds and ongoing monitoring in AML controls.
Another reason is that audited accounts are a normal part of Hong Kong corporate compliance. Under the Companies Ordinance, audit of financial statements is still required for all companies except dormant companies.
In practice, banks may use audit reports for:
Some banks do not require an audit report in every case, especially for very new companies, but they may still request the latest financial statements or audited reports when applicable. Standard Chartered, for example, says the bank may require the latest 12 months’ audited financial report, and recent 1 year financial statements if applicable.
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