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HKMA affirms “phased approach” by banks adopting remote onboarding

The Hong Kong Monetary Authority (HKMA) has affirmed that the phased approach to remote onboarding adopted by some banks agrees with the risk-based approach required in AML/CFT control. The bank regulator on Wednesday shared key observations and good practices in AML/CFT control measures that it had identified in recent thematic reviews of remote on-boarding initiatives. In an Annex to the…

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