Regulatory Alerts2023-05-25
Added · Updated
Amendments to Guideline on Anti-Money Laundering and Counter-Financing of Terrorism for Authorized Institutions
The Hong Kong Monetary Authority issued this revised guideline to update the anti-money laundering and counter-financing of terrorism requirements for authorized institutions. It mandates the adoption of a risk-based approach, requiring institutions to conduct institutional risk assessments and implement controls commensurate with their specific exposure to money laundering and terrorist financing. The document outlines statutory obligations under the AMLO and BO, detailing customer due diligence, ongoing monitoring, record-keeping, and reporting procedures to ensure regulatory compliance.
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