Regulatory Alerts2019-12-16
Added · Updated
Managing ML/TF Risks Associated with Virtual Assets and Virtual Asset Service Providers
The Hong Kong Monetary Authority issued this circular to guide Authorized Institutions on managing money laundering and terrorist financing risks associated with virtual assets and service providers in line with updated FATF standards. It requires institutions to conduct risk-based assessments and apply commensurate customer due diligence measures when establishing relationships with virtual asset service providers or offering new related products. This guidance supersedes previous 2014 letters and emphasizes maintaining an up-to-date understanding of international developments to support responsible financial innovation while ensuring effective risk management.