Regulatory Alerts2019-06-14
Added · Updated
Feedback From Thematic Review of AIs’ Application of AML/CFT Controls in the SME Segment
The Hong Kong Monetary Authority issued this circular to provide feedback from a thematic review of Authorized Institutions' application of Anti-Money Laundering and Counter-Financing of Terrorism controls within the Small and Medium-sized Enterprise segment. The document outlines specific areas where AIs demonstrated shortcomings in their risk management frameworks and customer due diligence processes when serving SME clients. It serves as a directive for financial institutions to enhance their compliance measures and ensure robust AML/CFT practices are consistently applied across this critical business segment.