Regulatory Alerts2018-05-10
Added · Updated
Guidance Paper on Transaction Screening, Transaction Monitoring and Suspicious Transaction Reporting
The Hong Kong Monetary Authority issued this guidance to strengthen anti-money laundering and counter-terrorist financing controls for authorized institutions. It mandates robust transaction screening algorithms, risk-based monitoring systems, and timely, high-quality suspicious transaction reporting to the Joint Financial Intelligence Unit. Institutions must ensure accurate designated parties databases, effective alert handling, and appropriate post-reporting actions to mitigate ongoing financial crime risks.
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