Regulatory Alerts2019-04-12
Added · Updated
Introduction of Tiered Account Services
The Hong Kong Monetary Authority issued this circular to encourage Authorized Institutions to introduce Simple Bank Accounts with streamlined customer due diligence measures. This initiative aims to enhance financial inclusion by providing a lower-risk account tier tailored for customers who do not require the full range of traditional banking services. Banks are expected to apply a risk-based approach to determine service scopes and due diligence extents while ensuring compliance with anti-money laundering regulations.