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Private banks providing trust services to face new wave of AML scrutiny

Private banks in Hong Kong, and especially those with trust services as a key offering, should prepare for an increase in regulatory scrutiny, with the Hong Kong Monetary Authority’s (HKMA) updated anti-money laundering ordinance coming into effect today. Legislators, over the past few years. have taken steps to update Hong Kong’s anti-money laundering and terrorist-financing legislation to address recommendations stemming…

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