Regulatory Alerts2013-04-25
Added · Updated
Supervisory Measures Following Seminars on Anti-Money Laundering
The Hong Kong Monetary Authority issued this letter to reinforce the critical importance of maintaining strong anti-money laundering and counter-financing of terrorism controls. It requires top management, including Boards of Directors and regional compliance offices, to actively strengthen their institution's risk culture and proactively address identified gaps in AML/CFT measures. As an initial step, the regulator mandates that these senior bodies discuss concrete actions to set an appropriate tone on risk culture and will subsequently provide guidance and templates to facilitate these deliberations.
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