Regulatory Alerts2023-05-25
Added · Updated
Consultation Conclusions on Proposed Amendments to Guideline on Anti-Money Laundering and Counter-Financing of Terrorism for Authorized Institutions
The Hong Kong Monetary Authority issued consultation conclusions on proposed amendments to its AML/CFT Guideline for Authorized Institutions, aligning requirements with the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022 and FATF standards. Key changes include clarifying the recognition of digital identification systems for remote onboarding, refining beneficial ownership definitions for trusts, and removing mandatory senior management approval for applying risk-sensitive treatments to former politically exposed persons. The revised guideline also addresses technical updates regarding bearer shares, nominee directors, and virtual asset service providers, with the new rules taking effect on 1 June 2023.