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Hong Kong regulators scrap address verification requirements in AML guidelines

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Both the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) said today that the address verification requirements of the Guideline on Anti-Money Laundering and Counter-Terrorist Financing (AML Guideline) will be scrapped. “As a result, FIs (financial institutions) are only required to collect address information of customers and/or beneficial owners without the need to collect documentary evidence…

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