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Banks have “flexibility” in their customer identification methods, says HKMA

HKMA Asian Private Banker
The Hong Kong Monetary Authority

Banks can take a flexible approach to verifying a customer’s identification in the account opening process, the Hong Kong Monetary Authority (HKMA) said in an update on its customer due diligence (CDD) requirements yesterday. Responding to the difficulties associated with opening client accounts in Hong Kong, the regulator said that document certification will not be necessary “if the authorised institution…

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