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HKMA: “overly stringent” risk profiling not necessarily helpful

The chief executive of the Hong Kong Monetary Authority (HKMA) is visibly unhappy with the manner in which some financial practitioners are risk profiling clients, labelling due diligence practices in Hong Kong “disproportionate”. “Recently, some AIs [authorised institutions] may have applied stringent customer due diligence measures that are disproportionate to the likely risk level of the customers, resulting in many unsuccessful…

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