Not sure what the changes proposed are - a lot of the talk, in the newspapers from the HKMA and the top tier banks is extremely vague, given that they've built up some 'new business' hostile compliance departments over the last few years.

t aims to introduce various initiatives to streamline ­vetting procedures to make it easier for SMEs to open accounts, and to provide an appeal channel for rejected customers. Training would also be given to frontline staff on how to handle cases with flexibility and better communication.


“We will set up a special unit to streamline the process for SMEs and conduct questionnaires for customers about their banking experiences. We will set up ­another special unit to review complaints in a flexible way, i.e, a one-stop shop to handle the appeals of clients,” Leung said.

However, he said there should be a change of mentality across all spectrums of society about tighter banking requirements, especially from SMEs, adding that greater mutual trust was needed for customers to be cooperative in making disclosures.

“We want to give the public a message that we need to do this because this is good for Hong Kong as a clean international financial centre, and also good for fraud protection,” Leung said.

He also dismissed rumours that HSBC required proof of an annual turnover of US$15 million from customers’ mother companies before considering opening accounts for them. Nor did it seek to drive away low-yield clients by closing their accounts to offset the huge compliance costs.

“These rumours are entirely not true. Many people wonder if HSBC doesn’t want to do business anymore by turning away low-yield accounts. I can tell you there is no such thing at all,” he said.

“In fact, there are successful cases of small companies opening an account with a capital of only a few hundred thousand dollars. As long as you can show that you are doing a lawful business with proof of your source of money and business partners, there will not be any problem in opening a company account at HSBC.”
HSBC exploring smoother process for opening company accounts in Hong Kong | South China Morning Post

and

A number of lenders in Hong Kong, including HSBC, have made it particularly difficult for foreign small and medium enterprises (SMEs) to open accounts, the Post has learnt.


Kwok told the Post “only one or two international banks” were involved in the recent complaints it had received, without disclosing names. She urged banks to strike a balance between meeting compliance requirements and providing basic services to the public.

She said the authority was ready to negotiate with overseas regulators if the situation worsened to an extent that negatively affected Hong Kong’s business-friendly environment.

“We have noted comments from companies facing difficulties in opening bank accounts recently, especially start-ups and foreign companies.”

Kwok added that it had received nine complaints in the past six months that involved opening bank accounts. The total last year was 59.

Banks should not adopt a ‘one size fits all’ approachSARAH KWOK, HONG KONG MONETARY AUTHORITY

But although only “one or two international banks” were involved, these were usually the “first port of call” for overseas companies in Hong Kong.
New guidelines will smooth path for firms and foreign investors looking to open Hong Kong bank accounts | South China Morning Post