Regulatory Alerts2015-03-31
Added · Updated
Guidance Paper on Anti-Money Laundering Controls Over Tax Evasion
The Hong Kong Monetary Authority expects authorized institutions to implement appropriate systems and controls to mitigate money laundering risks associated with tax evasion, including conducting risk assessments that specifically identify tax evasion-related factors at both institutional and customer levels. Authorized institutions must apply risk-based customer due diligence measures, such as enhanced due diligence for higher-risk customers, and report suspicions of tax evasion to the Joint Financial Intelligence Unit. The guidance requires senior management to establish a strong compliance culture, provide adequate staff training on red flag indicators, and conduct independent reviews of the effectiveness of these controls.
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