Frequently Asked Questions in relation to Anti-Money Laundering and Counter-Financing of Terrorism

View PDF

Authored by: Simon Deane and Crystal Choi

Frequently Asked Questions (“FAQs”) in relation to Anti-Money Laundering and Counter-Financing of Terrorism (“AML/CFT”) have been developed by the Hong Kong Association of Banks (“HKAB”) with input from the Hong Kong Monetary Authority (“HKMA”). The FAQs do not form part of the Guideline on Anti-Money Laundering and Counter-Financing of Terrorism (For Authorised Institutions) (“AML/CFT Guideline”) and are designed to be read in conjunction with the AML/CFT Guideline.

The FAQs aim to assist Authorised Institutions (“AIs”) in their understanding of relevant AML/CFT requirements. AIs are expected to be fully conversant with the FAQs, and to have regard to them in meeting their AML/CFT legal and regulatory obligations. The FAQs are, however, by their nature, framed as general statements and do not take into account the particular circumstances of an AI. AIs should therefore consider the money laundering and terrorist financing risks to which they are exposed and their own circumstances (among others) before taking action on matters to which the FAQs may be relevant. The FAQs are last updated on 30 June 2022. To access the latest version of the FAQs, please see here.

Key Contacts

Simon Deane

Consultant | Banking and Finance

Email or call +852 2825 9209