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Decision to scrap AML requirements driven by compliance burden: Accuity

Hong Kong regulators’ decision to scrap anti-money laundering (AML) address validation requirements should not be viewed as a “relaxation” of supervision, but rather as a move to reduce the compliance burden banks face when onboarding clients, according Bharath Vellore, product innovation manager at Accuity. Earlier this month, both the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission…

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