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ASIFMA has published a paper documenting common Know Your Customer practices across 15 financial institutions in Hong Kong. ASIFMA aims to demonstrate that adoption of streamlined and consistent KYC measures by different financial institutions can improve monitoring measures for banks and also reduce banks’ friction with clients during the on-boarding process. These are common practices where there are no Anti-Money Laundering (AML) red flags associated with the client, the client is a low risk domestic client and corporate clients are owned by only a single layer of legal entities, which are in turn owned by natural persons.
The paper covers KYC practices for taking on the following types of clients:
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