Regulatory Alerts2013-04-25
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Supervisory Measures Following Seminars on Anti-Money Laundering
The Hong Kong Monetary Authority issued this circular on April 25, 2013, to outline supervisory measures following seminars on anti-money laundering and counter-financing of terrorism controls. The document mandates that all authorized institutions implement robust internal controls and risk management functions to address identified gaps in their compliance frameworks. It further requires institutions to enhance their bank culture and conduct self-assessments to ensure alignment with regulatory expectations regarding incentive systems and front-office conduct.
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