Regulatory Alerts2014-02-10
Added · Updated
Basel Committee on Banking Supervision's Paper on Sound management of risks related to money laundering and financing of terrorism
The Basel Committee on Banking Supervision published a paper detailing how banks should integrate money laundering and terrorist financing risks into their overall risk management frameworks. The Hong Kong Monetary Authority will utilize this guidance alongside revised international standards to review local anti-money laundering and counter-terrorist financing requirements for authorized institutions. Authorized institutions are currently encouraged to assess the paper's implications and enhance their existing control processes ahead of future regulatory consultations.
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