Regulatory Alerts2021-04-26
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Feedback From Thematic Review of The Use of External Information and Data in Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) Systems
The Hong Kong Monetary Authority issued this circular to share key observations and good practices from a thematic review of how Authorized Institutions integrate external data into their AML/CFT systems. The review was conducted to address emerging risks such as COVID-19 fraud, mule accounts, and identity theft by examining end-to-end processes for handling intelligence from sources like the FMLIT. Authorized Institutions are expected to adopt appropriate arrangements commensurate with their size and risk profile to optimize system performance and enhance the broader AML/CFT ecosystem.
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