Regulatory Alerts2021-04-26
Added · Updated
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 note to guide Authorized Institutions in optimizing their AML/CFT systems through the integration of external information and data. It requires institutions to proactively incorporate intelligence from sources like FMLIT to enhance risk targeting, supported by success factors such as senior management commitment and appropriate technology adoption. Furthermore, the regulator mandates that institutions develop performance measurement frameworks to evaluate the efficiency and effectiveness of these integrations while actively sharing typological information with the broader financial ecosystem.
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