Hong Kong Monetary Authority (HKMA) clears the air ahead of new AML legislation.
Hong Kong’s banking regulator yesterday issued guidance aimed to clarify obligations under new anti-money laundering rules due to come into effect in the territory next week. In a set of frequently asked questions (FAQ) issued on its website, the Hong Kong Monetary Authority (HKMA) outlined some common concerns about the territory’s forthcoming anti-money laundering (AML) legislation. The FAQ release was compiled in coordination with Hong Kong’s four relevant regulatory authorities — the HKMA, the Securities and Futures Commission, the Office of the Commissioner of Insurance and the Customs and Excise Department.
Link to the FAQ: here