Regulatory Alerts2022-12-07
Added · Updated
Circular on AML/CFT Controls for All Authorized Institutions
The Hong Kong Monetary Authority informs authorized institutions that the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 has been passed, introducing licensing for virtual asset service providers and registration for precious metal dealers. The amendments align with FATF standards by refining politically exposed person definitions, enabling risk-based due diligence for former PEPs, permitting digital identification for customer due diligence, and clarifying beneficial ownership in trusts. These changes take effect on 1 June 2023, with the HKMA planning further consultations on corresponding guideline updates to assist implementation.