Regulatory Alerts2025-11-21
Added · Updated
Guidance on risk-based AML/CFT controls for politically exposed persons
The Hong Kong Monetary Authority issues this guidance to define Politically Exposed Persons and mandate risk-based anti-money laundering and counter-financing of terrorism controls. It requires financial institutions to apply enhanced due diligence measures to non-Hong Kong PEPs while treating Hong Kong and international organization PEPs as standard customers unless a high-risk assessment dictates otherwise. The document further outlines procedures for identifying PEPs, managing former PEPs, and assessing risks associated with family members and close associates.
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