Regulatory Alerts2020-06-03
Added · Updated
Feedback from recent thematic reviews of Anti-Money Laundering and Counter-Financing of Terrorism control measures for remote customer on-boarding initiatives
The Hong Kong Monetary Authority issued this circular to share key observations and good practices regarding Anti-Money Laundering and Counter-Financing of Terrorism control measures for remote customer on-boarding. The regulator examined how Authorized Institutions assess money laundering and terrorist financing risks, apply risk-based approaches, and manage technology vulnerabilities in their digital customer acquisition processes. Institutions are advised to reference the annexed guidance and adopt a risk-based approach when designing or enhancing remote on-boarding systems.