Regulatory Alerts2024-12-30
Added · Updated
Frequently Asked Questions in relation to Anti-Money Laundering and Counter-Financing of Terrorism
The Hong Kong Association of Banks, with input from the Hong Kong Monetary Authority, issued these FAQs to assist Authorized Institutions in understanding and complying with Anti-Money Laundering and Counter-Financing of Terrorism requirements. The document clarifies specific regulatory obligations regarding institutional risk assessments, simplified and enhanced systems, and independent validation of transaction monitoring. It provides detailed guidance on identity verification for natural and legal persons, including the use of digital identification systems like iAM Smart, beneficial owner identification, and record-keeping standards.
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