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Hong Kong Monetary Authority issues AML/CTF FAQs (written by the Hong Kong Association of Banks)

The Hong Kong Association of Banks

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

These 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). This document does not form part of the Guideline on Anti-Money Laundering and Counter-Financing of Terrorism (For Authorized Institutions) (AML/CFT Guideline) and it is designed to be read in conjunction with the AML/CFT Guideline. Terms and acronyms used in this document have the same meanings as in the glossary to the AML/CFT Guideline.

These FAQs aim to assist Authorized Institutions (AIs) regulated by the HKMA in understanding relevant AML/CFT requirements. AIs are expected to be fully conversant with these FAQs, and to have regard to them in meeting their AML/CFT legal and regulatory obligations. These 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 these FAQs may be relevant. These FAQs should not be regarded as a substitute for obtaining legal or other professional advice on AML/CFT requirements.

This document will be kept under review and updated from time to time as necessary.

Note: This new set of FAQs will supersede the version issued on 24 May 2021.

It’s 35 pages of FAQs, with 80 questions in all. It includes a 3-page appendix on establishing sources of wealth.

Link:

HKMA FAQ document

Categories: Anti-Money Laundering Frequently Asked Questions (FAQ) Guidance HKMA Updates

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