Regulatory Alerts2014-12-19
Added · Updated
HKMA Guidance on FATF Risk-Based Approach for Banking Sector and ML/TF Risk Assessment
The Hong Kong Monetary Authority issued this circular to align authorized institutions with the Financial Action Task Force's Risk-Based Approach Guidance for the Banking Sector. It mandates that institutions conduct comprehensive institutional and customer-level money laundering and terrorist financing risk assessments covering customers, jurisdictions, products, and delivery channels. Senior management must approve these documented assessments, which must be kept up-to-date and commensurate with the institution's size and complexity, while providing results to the regulator upon request.
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