Regulatory Alerts2020-07-30
Added · Updated
Coronavirus Disease (COVID-19) and Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) Measures – An Update
The Hong Kong Monetary Authority issued this update to guide Authorized Institutions on maintaining effective AML/CFT controls during the pandemic. It details interim measures for customer due diligence, such as remote onboarding and delayed verification, while emphasizing the need to manage resource pressures through risk-based prioritization and remote work arrangements. The document also highlights emerging fraud threats and encourages the adoption of RegTech solutions and industry collaboration to detect and mitigate COVID-19 related financial crimes.
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