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.
CIR
Current
Issue Date:
07 Mar 2023
20230307-1-EN.pdf (172.4 KB)
Topic:
AML & CFT - AML/CFT Controls
Wealth Management & MPF - Others
Group:
All Authorized Institutions
Directly related Document
Cross referenced Document
Version History
Superseded Document
Directly related Document
Annex
Current
07 Mar 2023
Annex - Smart tips for Private Banking
IGL
Archive
05 Oct 2022
Frequently Asked Questions in relation to Anti-Money Laundering and Counter-Financing of Terrorism
CIR
Current
08 Sep 2016
De-risking and Financial Inclusion
Annex
Current
07 Mar 2023
Annex - Smart tips for Private Banking
IGL
Archive
05 Oct 2022
Frequently Asked Questions in relation to Anti-Money Laundering and Counter-Financing of Terrorism
CIR
Current
08 Sep 2016
De-risking and Financial Inclusion
Version History
Superseded Document
You may also be interested in
CIR
Current
21 Nov 2025
Guidance on risk-based AML/CFT controls for politically exposed persons
CIR
Current
22 Jun 2026
Supporting Adoption of Artificial Intelligence in Fighting Financial Crime
CIR
Current
21 Nov 2025
Guidance on risk-based AML/CFT controls for politically exposed persons Enclosure: Smart tips on the treatment of politically exposed persons