Regulatory Alerts2023-03-07
Added · Updated
Balanced and effective AML/CFT measures in private banking
The Hong Kong Monetary Authority issued this circular to provide practical guidance on applying risk-based anti-money laundering and counter-financing of terrorism requirements in private banking. It addresses key industry challenges regarding the establishment of source of wealth and funds, ongoing monitoring, and the adoption of regulatory technology. The regulator emphasizes a proportional approach that avoids undue burdens on legitimate businesses while maintaining market integrity and financial stability.