Regulatory Alerts2018-03-08
Added · Updated
FATF Guidance on Counter Proliferation Financing
The Hong Kong Monetary Authority notifies authorized institutions of the Financial Action Task Force's updated guidance on implementing United Nations Security Council Resolutions to counter the proliferation of weapons of mass destruction. The document requires financial institutions to identify high-risk customers and transactions, apply enhanced scrutiny, and collect additional information to mitigate proliferation financing risks. The HKMA is also reviewing public sector guidance and collaborating with industry stakeholders to address challenges in sharing information and combating these financial threats.