Regulatory Alerts2019-02-01
Added · Updated
Remote on-boarding of individual customers
The Hong Kong Monetary Authority issued this circular to articulate regulatory expectations for authorized institutions conducting remote on-boarding of individual customers. It requires institutions to implement technology solutions for identity authentication and matching that are at least as robust as in-person verification to mitigate money laundering and impersonation risks. Institutions must also conduct proportionate ML/TF risk assessments and apply a risk-based approach to customer due diligence measures before establishing business relationships.