Regulatory Alerts2018-04-27
Added · Updated
Amendments to Guideline on Exercising Power to Impose Pecuniary Penalty under s 23(1) of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance
The Hong Kong Monetary Authority issued this guideline to amend the framework for exercising the power to impose pecuniary penalties under section 23(1) of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance. The document provides updated guidance for all authorized institutions regarding the enforcement and disciplinary measures applicable to anti-money laundering and counter-terrorist financing violations. It establishes the specific procedures and criteria for determining penalty amounts to ensure regulatory compliance and deterrence.
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