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 has published a revised version of the AMLO Fining Guideline effective 27 April 2018 to clarify how the Monetary Authority exercises its power to impose pecuniary penalties. This amendment expands the guideline's scope to explicitly cover Stored Value Facility licensees in addition to Authorized Institutions, addressing an omission in the previous version. The revision ensures regulatory completeness by reflecting the Monetary Authority's authority over both entity types under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance.
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