Regulatory Alerts2023-05-25
Added · Updated
Guideline on Anti-Money Laundering and Counter-Financing of Terrorism for Authorized Institutions
The Hong Kong Monetary Authority issued this revised guideline to set statutory and regulatory requirements for Authorized Institutions to comply with the Anti-Money Laundering and Counter-Terrorist Financing Ordinance. It mandates a risk-based approach requiring institutions to conduct institutional and customer risk assessments to design controls commensurate with their specific money laundering and terrorist financing exposures. The document outlines detailed obligations for customer due diligence, ongoing monitoring, suspicious transaction reporting, record-keeping, and staff training to mitigate financial crime risks.
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