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 circular to amend the Guideline on Exercising Power to Impose Pecuniary Penalty under section 23(1) of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance. The updated guideline applies to all Authorized Institutions and provides the regulatory framework for imposing financial penalties for breaches of anti-money laundering and counter-terrorist financing requirements. This revision ensures that enforcement actions remain consistent with current legal standards and regulatory expectations for financial institutions.
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