Topic - Regulatory Compliance

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Hong Kong - Anti-Money Laundering and Counter Financing of Terrorism
Hong Kong - Anti-Money Laundering and Counter Financing of Terrorism

Hong Kong - Anti-Money Laundering and Counter Financing of Terrorism

Hong Kong - Anti-Money Laundering and Counter Financing of Terrorism

Record Keeping
- Retention of records pertaining to customer identification documents and transactions
AML/CFT Systems for Designated Non-Financial Businesses and Professions (DNFBPs)
- Compliance management arrangements, approval, oversight and monitoring
Establish Private Banking CDD
- Additional CDD measures for private banking customers
- Ongoing monitoring and dedicated relationship management
Ongoing Monitoring of Customer Due Diligence
- Ongoing review of customer data and documentation
- Establish and maintain adequate systems and processes to monitor transactions
Correspondent Banking Relationships
AML/CFT Systems for Financial Institutions (FIs)
Enhanced Due Diligence Measures in High Risk Cases
Wire Transfers
Staff Training
- Implement procedures for, and monitor effectiveness of, staff training
AML/CFT Risk-Based Assessment
- Institutional risk assessment
- Customer and product risk assessment
Simplified Customer Due Diligence in Low Risk Cases
- Simplified customer due diligence in relation to specified customers
- Simplified customer due diligence in relation to specified products
Reporting Suspicious Transactions (ST) and Responding to Law Enforcement Requests
- Identification of suspicious transactions and internal reporting
- Obligation to submit suspicious transaction report and maintain records of reports
Customer Due Diligence (CDD) Requirements
Overview
Prohibition on Terrorist Financing and Proliferation Financing
- Database maintenance, screening an enhanced checking

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