Regulatory Alerts2025-11-21
Added · Updated
Guidance on risk-based AML/CFT controls for politically exposed persons
The Hong Kong Monetary Authority issued this guidance to clarify expectations for Authorized Institutions and stored value facility licensees regarding anti-money laundering and counter-terrorist financing controls for politically exposed persons. The regulator addresses observed industry deviations from the risk-based approach, specifically targeting overly cautious measures and broad definitions that lead to disproportionate information requests and resource misallocation. This document provides practical Smart Tips on PEP definitions, identification, enhanced due diligence, and the treatment of former PEPs to ensure compliance with the amended Anti-Money Laundering and Counter-Terrorist Financing Ordinance.
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