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 The FAQs of 2012 and 2017 are superseded with immediate effect.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
Previous ArticleFED Expands Applicability of Policy on Small Bank Holding Companies
APRA issued a letter to authorized deposit-taking institutions announcing its intent to formalize the capital measures and reporting requirements for COVID-19 loans through temporary legislative instruments.
EBA is inviting relevant stakeholders, such as financial institutions and information and communication technology (ICT) third-party providers, to share their views and experience on the use of regtech solutions through its regtech industry survey.
FCA finalized the guidance extending measures to help customers that hold insurance and premium finance products and are in temporary financial difficulty because of COVID-19 crisis.
BoE published a statistical notice (Notice 2020/9) explaining the approach for treatment of payment holidays on the profit and loss return or Form PL.
FASB announced the launch of its new Post-Implementation Review (PIR) web portal.
EBA revised the draft implementing technical standards on supervisory reporting as part of the reporting framework 3.0.
ECB published report that presents a summary of the analysis conducted on the internal capital adequacy assessment process (ICAAP) practices of a sample of 37 "significant" banks.
EC published a proposal for a regulation that amends the Benchmarks Regulation (2016/1011) regarding the exemption of certain third-country foreign-exchange benchmarks and the designation of replacement benchmarks for certain benchmarks in cessation.
PRA published a letter from Mel Beaman, the Director for UK Deposit Takers, to suspend the relevant guidance levels on fixed rate lending limits in the “Specialist Sourcebook” for an initial period of six months, running from August 01, 2020 to January 31, 2021.
BoE updated the known issues document for the statistical reporting Forms AS and FV.