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2021-05-24

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Remote on-boarding and iAM Smart

The Hong Kong Monetary Authority issued this letter to encourage Authorized Institutions to adopt iAM Smart for remote customer on-boarding and ongoing due diligence. It clarifies that using iAM Smart satisfies Anti-Money Laundering and Counter-Financing of Terrorism requirements, allowing institutions to meet record-keeping obligations via API data without collecting additional physical documents. The Authority directs institutions to updated FAQs for compliance guidance and invites them to discuss remote on-boarding proposals through the Fintech Supervisory Sandbox.

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Hong Kong

Hong Kong Monetary Authority

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