Regulatory Alerts2020-06-03
Added · Updated
Feedback on AML/CFT Control Measures for Remote Customer On-boarding Initiatives
The HKMA issued this document to provide feedback and regulatory expectations for Authorized Institutions implementing remote customer on-boarding initiatives. It requires AIs to conduct thorough pre-launch ML/TF risk assessments, apply a risk-based approach to CDD measures, and maintain ongoing monitoring of technology effectiveness through manual checks and post-implementation reviews. The guidance emphasizes managing emerging vulnerabilities, such as impersonation risks, by refining control measures and sharing intelligence between compliance and fraud prevention teams.