Regulatory Alerts2018-01-31
Added · Updated
Anti-Money Laundering/Counter-Terrorist Financing: United Nations Sanctions
The Hong Kong Monetary Authority issues this letter to clarify expectations for authorized institutions regarding United Nations Security Council sanctions on terrorism, weapons proliferation, and corruption. It mandates that institutions screen all transactions against UNSC lists immediately upon promulgation, regardless of local legislative implementation, to avoid offences under existing money laundering and terrorist financing laws. To support compliance, the regulator will issue early alerts for new sanctions while reminding institutions of their independent legal obligation to maintain up-to-date screening databases.