Regulatory Alerts2017-10-11
Added · Updated
Guideline on Anti-Money Laundering and Counter-Terrorist Financing – Address Verification Requirements
The Hong Kong Monetary Authority and other relevant authorities have removed the requirement for financial institutions to collect documentary evidence for address verification under the AML Guideline. Financial institutions are now only required to collect address information from customers and beneficial owners without needing to verify it through documents. Authorized institutions may adopt these changes immediately, although they may still require verification for other legal or internal purposes if clearly communicated to customers.