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 on 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 regulatory expectations and areas for improvement regarding risk assessment and due diligence processes tailored to SME clients. It serves as a directive for all Authorized Institutions to enhance their compliance frameworks to better address money laundering and terrorist financing risks associated with this customer base.