HKMA offers guidance on anti-money-laundering
Hong Kong -- The Hong Kong Monetary Authority published a new supplement and set of interpretive notes on money laundering in late June, as well as a ‘Dear CEO’ letter, Strengthening security controls for internet banking services.
The AML supplement outlines the latest ‘know-your-customer’ principles, taking account of the requirements of the paper on Customer due diligence for banks issued by the Basel Committee on Banking Supervision in October 2001, and the revised Forty Recommendations issued by the Financial Action Task Force on Money Laundering in June 2003. This revised version replaces the previous HKMA AML supplement, which was published in March 2003.
“The guiding principle” for the revised AML framework is that
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