The Monetary Authority is investigating reports of minorities having difficulty opening bank accounts.

Its Deputy Chief Executive Arthur Yuen said today the authority is very concerned about the reports and has started questioning the banks accused.

It has today issued a circular reminding banks they must comply with the Race Discrimination Ordinance, and asking them to review internal policies and procedures to ensure compliance with the authority's requirements.

"We have asked banks to handle the complaints properly," Mr Yuen said, adding the authority is seeking more information from a group helping those affected. Up to 40 cases have been reported, involving up to five banks.

"We hope to bring these cases to a satisfactory conclusion as quickly as possible."