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

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Authored by: Simon Deane and Sally Lau

The 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 with input from the Hong Kong Monetary Authority.  There was an update to the FAQs on 5 October 2022.

The FAQs aim to assist Authorized Institutions (“AIs”) to understand the relevant AML/CFT requirements. AIs are expected to have regard to the FAQs in meeting their AML/CFT legal and regulatory obligations. AIs should also consider the money laundering and terrorist financing risks to which they are exposed and their own circumstances before taking action on matters in respect of which the FAQs may be relevant.

The recent update of the FAQs covers various areas, such as AML/CFT systems, identification and verification of identity, ownership and control structure, person purporting to act on behalf of the customer, connected parties and due diligence.

To access a full copy of the update of the FAQs, please see here.

Key Contacts

Simon Deane

Consultant | Banking and Finance

Email or call +852 2825 9209