Regulatory Alerts2014-12-19
Added · Updated
FATF Risk-Based Approach Guidance for The Banking Sector and Money Laundering and Terrorist Financing Risk Assessment
The Hong Kong Monetary Authority issued this circular on December 19, 2014, to provide guidance on implementing the Financial Action Task Force risk-based approach for the banking sector. It requires authorized institutions to conduct comprehensive money laundering and terrorist financing risk assessments to ensure effective anti-money laundering and counter-financing of terrorism controls. The document serves as a foundational reference for compliance, though it has been superseded by the 2023 AML-2 Guideline on Anti-Money Laundering and Counter-Financing of Terrorism.
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