Regulatory Alerts2005-11-14
Added · Updated
HKMA Circular on Combating Money Laundering and Terrorist Financing Activities
The Hong Kong Monetary Authority issued this circular to clarify supervisory standards for authorized institutions regarding money laundering and terrorist financing following the Banco Delta Asia incident. The regulator mandates a risk-based approach with special focus on legal and reputational risks, requiring ongoing reporting to the Joint Financial Intelligence Unit and consideration of foreign regulatory implications. Institutions are further instructed to enhance Know Your Customer processes, critically assess high-risk business relationships, and continuously update their controls in light of evolving global threats.
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