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 in maintaining Anti-Money Laundering and Counter-Financing of Terrorism compliance amid evolving COVID-19 challenges. The regulator acknowledges the use of remote onboarding, identity verification delays, and regulatory technology to mitigate resource pressures while insisting that risk-based approach principles remain uncompromised. Institutions are urged to enhance vigilance regarding emerging financial crime typologies and adapt transaction monitoring to reflect shifts in customer behavior such as increased digital payments.
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