Regulatory Alerts2023-03-07
Added · Updated
Balanced and effective AML/CFT measures in private banking
The Hong Kong Monetary Authority issued this circular on 7 March 2023 to guide authorized institutions in implementing balanced and effective anti-money laundering and counter-financing of terrorism controls within private banking. The document emphasizes the need for risk-based approaches that maintain high integrity standards while ensuring financial inclusion and avoiding unnecessary de-risking. It provides specific smart tips for the treatment of politically exposed persons to help institutions manage risks effectively without compromising service quality.