Regulatory Alerts2023-03-07
Added · Updated
Smart tips for Private Banking: Balanced and effective AML/CFT measures
The Hong Kong Monetary Authority issues guidance to Authorized Institutions on implementing risk-based Anti-Money Laundering and Counter-Financing of Terrorism measures in private banking. The document outlines the '3-C' approach of Collection, Clarification, and Corroboration to establish source of wealth and funds without requiring excessive verification, while promoting dynamic ongoing monitoring tailored to customer risk profiles. It further encourages the adoption of AML Regtech solutions to enhance operational efficiency, improve customer experience, and ensure effective management oversight.
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