Regulatory Alerts2023-02-09
Added · Updated
Guidance Paper on Transaction Monitoring, Screening and Suspicious Transaction Reporting
The Hong Kong Monetary Authority issued this revised guidance to update Authorized Institutions on effective transaction monitoring, screening, and suspicious transaction reporting practices. The document mandates that institutions tailor their systems to specific risks, ensure high data quality, and maintain rigorous oversight of alert handling and database maintenance. It emphasizes the need for robust documentation, independent assurance, and timely reporting to the Joint Financial Intelligence Unit to mitigate money laundering and terrorist financing risks.