The Hong Kong Monetary Authority’s (HKMA’s) updated Guideline on Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) has removed some due diligence requirements for private banks to facilitate risk-based regulatory control. The regulator’s guideline is akin to the AML guideline for licensed corporations, published on 15 October by the Securities and Futures Commission (SFC), which provided clarity on virtual onboarding…
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