Banks curb China travel as Beijing widens cross-border crackdown

Private banks are pulling back on China travel and events as Beijing intensifies a crackdown on unauthorized cross-border investing and Hong Kong tightens checks on incoming money. UBS postponed a midyear wealth outlook event planned for mainland China, while HSBC is discouraging non-essential mainland trips by Hong Kong-based private bankers, though one China event is still set to go ahead. Standard Chartered is reviewing its policies. The shift follows more than $330 million in penalties on three online brokerages and orders to wind down non-compliant mainland retail accounts over two years. Hong Kong regulators have also told banks to obtain signed declarations that new investment funds originated outside mainland China.