Regulatory Alerts2018-05-02
Added · Updated
Hong Kong Money Laundering and Terrorist Financing Risk Assessment Report
The Hong Kong Monetary Authority directs Authorized Institutions to review their internal anti-money laundering and counter-financing of terrorism frameworks in light of the Government's jurisdiction-wide risk assessment. The assessment identifies high money laundering and terrorist financing risks within the banking sector, driven by fraud, tax evasion, and corruption arising from both domestic and external activities. Institutions are required to adopt risk-based approaches, utilize consolidated regulatory guidance, and nominate senior representatives for an upcoming industry seminar to discuss these findings.
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