Regulatory Alerts2023-04-27
Added · Updated
Access to banking services for corporate customers
The Hong Kong Monetary Authority issues guidance to authorized institutions to ensure fair access to banking services for corporate customers while maintaining effective anti-money laundering controls. The regulator requires banks to adopt a risk-based approach rather than wholesale de-risking, specifically urging them to support legitimate businesses such as licensed virtual asset service providers and specialized industries. Authorized institutions are instructed to review their customer due diligence measures and staff training to balance financial inclusion with ML/TF risk management.