Regulatory Alerts2020-12-31
Added · Updated
Coronavirus Disease (COVID-19) and Money Laundering and Terrorist Financing (ML/TF) risks – An Update
The Hong Kong Monetary Authority directs authorized institutions and stored value facility licensees to review the Financial Action Task Force's latest update on COVID-19-related money laundering and terrorist financing risks. The regulator reinforces the necessity of maintaining a risk-based response that mitigates criminal exploitation of the financial system without disrupting essential legitimate services. Institutions are expected to integrate these findings with intelligence from the Fraud and Money Laundering Intelligence Taskforce and industry sharing sessions to enhance their risk management frameworks.
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