HONG KONG TO SCRAP AML DUE DILIGENCE ADDRESS CHECKS BY FINANCIAL INSTITUTIONS
October 1st, 2017
THE HONG Kong Monetary Authority (HKMA), the Chinese special administrative region’s (SAR) central bank, has proposed removing requirements for financial institutions to secure proofs of address from their customers and their beneficial owners.
In guidance issued on October 11, the HKMA said it was “taking into account feedback from various stakeholders about AML/CFT processes and industry developments” to justify the move.
Stewart McGlynn, the HKMA’s head of anti-money laundering and financial crime risk, banking supervision, told the Money Laundering ...
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