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    HKMA Publishes FAQs on AML/CFT Requirements for Banks

    October 31, 2018

    The Hong Kong Association of Banks (HKAB), with input from HKMA, published a set of frequently asked questions (FAQs) in relation to anti-money laundering and counter-financing of terrorism (AML/CFT). The FAQs aim to assist authorized institutions regulated by HKMA in understanding the relevant AML/CFT requirements. This document does not form part of the AML/CFT Guideline for authorized institutions and it is designed to be read in conjunction with the AML/CFT Guideline.

    Authorized institutions are expected to be fully conversant with these FAQs and to be cognizant of the information they provide in meeting the AML/CFT legal and regulatory obligations. HKMA has consolidated two existing sets of FAQs—namely, FAQs on AML/CFT (Financial Institutions) Ordinance published in March 2012 and FAQs on Customer Due Diligence updated in May 2017—into the new document. The FAQs of 2012 and 2017 are superseded with immediate effect. The new document will be kept under review and updated from time to time as necessary. HKMA will make arrangements to collect any further feedback or suggestions from authorized institutions and work with the HKAB to maintain the FAQs on an ongoing basis.

    Keywords: Asia Pacific, Hong Kong, Banking, AML/CFT, FAQ, HKAB, HKMA

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